Nisshin Steel Increases Recurring Profit for Apr-Jun

Japanese major steel maker, Nisshin Steel announced the consolidated business performance for April-June on Friday the recurring profit increased by 137.2% to 18.9 billion yen compared with last year. The turnover increased by 18.4% to 170.7 billion yen thanks to increased selling price. Net profit increased by 140% to 10.9 billion yen.The recurring profit increased by 11 billion yen which increased by 30 billion yen due to increased selling volume and price, and increased by 7 billion yen due to increased stocked nickel value while decreased 26 billion yen due to increased purchasing cost. Crude steel output increased by 1% to 1.01 million tonnes.The firm forecasted on April the consolidated recurring profit at 31 billion yen for finish-half results in September, at 56 billion yen for final accounts in March 2008. The firm assumes decreasing stocked nickel value by dropped nickel price and decreased stainless steel products output after July-September, but expects to be able to clear the forecast for finish-half results in September.