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Nippon's steel segment more than doubles profit YOY in fiscal Q3'17

Nippon Steel & Sumitomo Metal Corp.'s steelmaking and steel fabrication segment posted an ordinary profit of ¥189.7 billion for the third quarter of its fiscal 2017, more than doubling the ¥81.9 billion posted a year ago.

Net sales for the segment jumped to ¥3.699 trillion in the quarter, from ¥2.926 trillion a year ago.

Nippon Steel separately said it intends to deliver a dividend of ¥30 per share at the end of the second half, for a total dividend of ¥60 per share for fiscal 2017, compared to a dividend of ¥45 per share for fiscal 2016.

In full fiscal 2017, Nippon expects its profit attributable to shareholders to increase 37.5% year over year to ¥180.0 billion and net sales to jump 23% to ¥5.700 trillion.

The company's third-quarter profit attributable to the shareholders surged 162.7% year over year to ¥156.06 billion, or ¥176.81 per share.

Net sales in the three months rose 25% year over year to ¥4.165 trillion, according to the company's Feb. 1 release.

Operating profit in the quarter jumped 122.1% to ¥138.03 billion, while ordinary profit swelled 107.8% to ¥225.48 billion.