ENM: Profit, sales fall on slowing Chinese demand, says Nippon Steel & Sumitomo Metal
TOKYO: Nippon Steel & Sumitomo Metal said Wednesday that operating profit and sales dropped in the three months to June, as it cut output and warned over a slowdown in China.
The Tokyo-based company, one of the world's biggest steelmakers, said its operating profit fell 12 per cent to 52.39 billion yen ($424 million), while sales dipped 7 per cent from a year ago to 1.26 trillion yen.
