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Nippon Steel's net income drops 32% YOY to ¥145.42B on lower steel prices

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Nippon Steel's net income drops 32% YOY to ¥145.42B on lower steel prices

Nippon Steel& Sumitomo Metal Corp. said April 28 that its profitattributable to shareholders dropped 32.1% year over year to ¥145.42 billion,or ¥158.72 per share, for fiscal 2015 ended March 31, 2016.

Net sales for the year were down 12.5% year over year to¥4.907 trillion. Sales were affected by a decline in shipment volume and adecrease in steel material prices, in addition to lower profit by groupcompanies.

Operating profit fell 52% on a yearly basis to ¥167.73billion, while ordinary profit dropped 55.5% to ¥200.93 billion.

The company declared a dividend of ¥15 per share for the endof fiscal 2015, compared to ¥3.5 per share a year ago. The half-year dividendwas ¥3 per share, compared to ¥2 for the first half of fiscal 2014.

The ordinary profit took a huge hit from the steelmaking andsteel fabrication segment, dropping to ¥160.0 billion in the year, from ¥401.9billion in the prior year. Net sales for the steelmaking and steel fabricationsegment dropped to ¥4.284 trillion, from ¥4.939 trillion a year ago.