The world's second-largest steelmaker, Nippon Steel & Sumitomo Metal Corp, has raised its financial year 2014's profit forecast from ￥300 billion to ￥340 billion, up 13%.
The company contributes the profit forecast rise to cost cut and strong steel demand & prices that supported by Abenomics stimulus programme.
In the April-September period, its recurring profit grew nearly nine-fold to ￥173 billion, up from ￥19.5 billion in one year ago.
It is said that the cost reduction is the biggest boost to the company's earnings, which together with the higher steel output are contributing to a profit recovery.