Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Nippon Steel Reverses 80.7 Billion Yen of Stockholding Losses

Don't Miss Out —
Follow us on:

April 2 (Bloomberg) -- Nippon Steel Corp., Japan’s largest steelmaker, reversed 80.7 billion yen ($975 million) of losses last quarter after the stock market recovery increased the value of its holdings.

The loss in the valuation of securities held by the company narrowed to 3.8 billion yen, Tokyo-based Nippon Steel said today in a statement. It booked an 84.6 billion yen charge in the nine months ended Dec. 31 to write down the value of shares it owns in other companies.

The benchmark Nikkei 225 stock index rose 19 percent in the three months ended March 31, its biggest quarterly gain in more than two years. Sumitomo Metal Industries Ltd., Nippon Steel’s largest investment and its merger partner, also advanced 19 percent in Tokyo trading last quarter.

Nippon Steel is compiling full-year earnings and will announce its profit outlook later if necessary, according to the statement. In January, the company forecast it would break even for the full year, compared with a profit of 93.2 billion yen a year earlier.

Nippon Steel shares, which have gained 16 percent this year, fell 1.8 percent to 233 yen on the Tokyo Stock Exchange.

To contact the reporter on this story: Masumi Suga in Tokyo at msuga@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.