Five major steelmakers on Friday revised downward earnings forecasts for the year to March due to decreased profitability springing from flagging demand and product prices.
The five are Nippon Steel Corp., NKK Corp., Sumitomo Metal Industries Ltd., Kawasaki Steel Corp. and Kobe Steel Ltd.
Both NKK and Sumitomo Metal said their group net balances for the year will fall into the red as a result of intensifying competition and slumping sales.