Nippon Steel Corp will cut its planned capital expenditures for the three-year p...
FILE PHOTO - A production line of Nippon Steel & Sumitomo Metal Corp.'s Kimitsu steel plant is pictured in Kimitsu, Chiba Prefecture, Japan, May 31, 2018. REUTERS/Kim Kyung-Hoon
With a planned capital expenditure budget of 1.7 trillion yen during the period, the company could cut between 170 billion to 340 billion yen in spending. Earlier this month, Nippon Steel, Japan’s top steelmaker, reported a 33% drop in business profit for the April to June quarter and predicted a 56% plunge in profit for the year through March 2020.
“We have already largely picked targets worth about a 10 percent cut,” Yuichiro Kaneko, head of the investor relations department at Nippon Steel, told Reuters by phone.
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