Yamato Steel Expect Lower Profit for F2008

Yamato Steel announced on Friday the consolidated sales increased to 166.513 billion yen by 50.4% for the year ending March 2008 from last year, the recurring profit increased to 56.899 billion yen by 31% and net profit increased to 32.99 billion yen by 23.3%. The sales, recurring profit and net profit reached the record.The sales for domestic market decreased due to the revision of Japanese standard law while the sales in American subsidiary kept good situation for H-beam and rail products. Moreover, Siam Yamato Steel, the subsidiary in Thailand, came in consolidated business performance for the year ending March 2008 for the first time.Yamato Steel expects the consolidated sales increases to 228 billion yen, the recurring profit decreases to 55 billion yen and net profit decreases to 32 billion yen for the year ending March 2009 when ferrous scrap and sub-material price are expected to keep higher.