According to report, Nippon Steel and Sumitomo Metal Corp., the world's second largest steelmaker after Nippon Steel's purchase of Sumitomo Metal last month, said it estimated the recurring profit, the pretax and before special items, would be about ￥30 billion (US$376 million) for the second half of 2012-13.
The merger of two steel companies now is worth US$22.45 billion after October 1st. The two steelmakers faced several years of falling profits from strong currency and other Asian rivals.