Energy & Science
Nippon Steel Riding Beijing Policy Tailwind to Record Profit
- Japanese company on track to exceed full-year profit target
- No. 5 steel producer considering Southeast Asian acquisition
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China’s push to reduce carbon emissions is providing a tailwind for steel producers worldwide as it limits output from the country and pushes down the cost of key ingredient iron ore, according to Nippon Steel Corp.
Japan’s biggest producer of the metal is on track to exceed its full-year profit target as elevated steel prices and the recent slump in iron ore widen its margins, Executive Vice President Takahiro Mori said in an interview.