Posted on 26 Nov 2015
Net profits from overseas operations are likely to be virtually non-existent in 2015 for Nippon Steel & Sumitomo Metal following Brazilian subsidiary Usiminas’ US$555 million net loss for the January-September period.
A report by Nikkei’s Asian Review claims that the Japanese steelmaker will be exposed to 15% of Usiminas’ expected year-end loss, which could leave NSSMC with a 10 billion yen loss (US$81 million).
An automotive sheet manufacturer in Alabama, USA, purchased by NSSMC and ArcelorMittal in 2014, is also said to be struggling.
Source:Steel Times International
