Nippon SteelHere's yet another zinc user with plenty of cash on hand...can't rule out Nippon Steel as a bidder for PAX...
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TOKYO, Oct 25 (Reuters) - Nippon Steel Corp. (5401.T: Quote, NEWS, Research), Japan's biggest steel maker, is likely to book an annual recurring profit of 520 billion yen ($4.4 billion) this business year, around 20 billion yen higher than the company's estimate, the Nihon Keizai business daily said on Wednesday.
Strong demand for high-grade steel from auto makers and ship builders and good performances from its units offset the rising cost of raw materials, the newspaper said.
A result of 520 billion yen would top an average estimate of 513 billion yen from 15 analysts polled by Reuters Estimates.
Japan's top four steel companies, including JFE Holdings Inc. (5411.T: Quote, NEWS, Research), Sumitomo Metal Industries Ltd (5405.T: Quote, NEWS, Research) and Kobe Steel Ltd. (5406.T: Quote, NEWS, Research), are all expected to book solid profit above their forecasts for the year to March 2007 as they boost profitable high-end steel production.
Ongoing price talks with carmakers and shipbuilders are also expected to result in small price rises in the second half.
Nippon Steel, JFE and Kobe Steel are seen raising their annual profit forecasts in March after finalising the price talks and taking into account price trends in Asia in the January-March quarter, analysts say.