Nisshin Steel Posts Record Profit for F2005

Nisshin Steel announced on Wednesday the consolidated recurring profit increased by 4.9% to record 63.1 billion yen for fiscal 2005 ended March 2006 from fiscal 2004. The special steel and coated steel business contributed the favorable results though the stainless unit reduced the profit due to the output reduction. The net profit increased by 1.4% to 24.4 billion yen including onetime loss of 6.4 billion yen for amortization of post-employment charge and 5.6 billion yen for impairment of fixed assets. The firm increases the dividend by 1 yen to 6 yen per share including 3 yen for the year end dividend. The stainless unit reduced the recurring profit by 5 billion yen to 16 billion yen with 16 billion yen lower sales at 145 billion yen for fiscal 2005 from fiscal 2004.