Nippon Steel & Sumimoto Metal Profit up by 831% Last Quarter

The 2nd largest steel plant in the world, Nippon Steel & Sumitomo Metal Corporation, announced its financial report for April to June 2013. With the growing demand for re-construction, domestic steel demand boosted by economic policy reforms, and the recovering steel export due to depreciating yens, the combined revenue was increased by 34.0% to 1,286.8 billion Japanese yens; the profit (profit generated from the current business+ profit generated from non-current business) was increased by 831.2% to 86.4 billion Japanese yens. Nippon Steel & Sumitomo Metal was established in October 1, 2012. It expects that the profit for April 2013 through March 2014 will reach 300 billion Japanese yens.