TOKYO, Nov 1 (APP/AFP): Japan’s Nippon Steel & Sumitomo Metal said Tuesday its six-month profit fell nearly 91 percent from a year earlier due to slumping demand at home and in China. The company said domestic steel demand was hit by a slow recovery in sales to the construction and auto sectors, while its business was also hit hard by earthquakes in southern Japan’s Kumamoto region in April. “Overseas steel demand was flat overall,” said one of the world’s biggest steelmakers. “Although there were signs of a moderate recovery in ASEAN countries, the downtrend continued in China, despite some recent signs of the bottoming out of (China’s) domestic demand.”
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Nippon Steel 1H profit plunges on weak demand
