Nippon Steel, Japan's largest steelmaker, has revised its annual net profit forecast for the fiscal year ending in March. The company now expects a net profit of 310 billion yen ($2 billion), down from the previous estimate of 340 billion yen.
The world's fourth-largest steel producer reported a net profit of 243.4 billion yen for the past six months, marking a 19% decline compared to the same period last year.
Nippon Steel also announced that its acquisition of U.S. Steel is anticipated to conclude by December.
