TOKYO : Nippon Steel Corp's annual profit may beat the company's recent sharply upgraded forecast, a senior executive indicated to Reuters, as steel prices outside Japan continue to rally on strong demand while iron ore prices have plunged.
"Our overseas businesses have been outperforming our expectations in July and August," Executive Vice President Takahiro Mori said in an interview conducted last week. The Japanese company had expected the U.S. steel market to peak in July, but it has remained tight, with hot coil prices staying above US$2,000 a tonne, Mori said.Prices of iron ore, a key steel-making ingredient, peaked above US$230 a tonne in May and dropped to US$140 a tonne this month on a recovery in output in Brazil and a tougher stand on emissions in China.Still, slower production by automakers poses a risk to the outlook for steelmakers.
"The impact on our financial results will be limited as carmakers said they will make up for production cuts later this financial year," Mori said.
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