TOKYO: Kobe Steel Ltd said it would swing to a loss this year, joining its larger Japanese peers in cutting forecasts, as declining overseas demand, particularly in China, weighs on earnings.
Japan’s third-biggest steel mill expects a loss of 20 billion yen (US$166mil) in the year to March against an earlier forecast that net income would be 20 billion yen, according to a statement. It also won’t pay a dividend in the second half. In the last fiscal year, Kobe made 86.5 billion yen.
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