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UPDATE 1-Nippon Steel takes $583 mln charge on Brazilian unit after oil slump
2015-01-29 12:09:16| Grocery - Topix.net
Nippon Steel & Sumitomo Metal Corp said on Thursday it took a 68.6 billion yen charge in the April-December period as a slump in oil prices was hurting profits at its pipe affiliate in Brazil. Japan's biggest steelmaker, which also supplies steel pipes to oil and gas companies globally, expects the drop in oil to have a negative impact on its earnings for the next business year starting in April, an executive said.
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