Sumitomo Metal rewrote the financial projections

Japanese metals company Sumitomo Metal Industries has reduced the forecast profit for the current fiscal year by 58%. This was stated in the Group, reported Bloomberg. Estimated corporation income Sumitomo this year, which ends March 31 will be 25 billion yen (307 million dollars), instead of 60 billion yen, as previously expected. As we know, at the end of October-December last year, the Japanese holding company earned a profit of 39 billion yen against a loss of 10.8 billion yen a year earlier. On the eve it was reported that Japanese steel companies Nippon Steel and Sumitomo Metal to merge. It is assumed that this transaction will be the first major consolidation in the steel industry in the country over the past 10 years. According to estimates of the parties, the transaction will be completed by October next year. The merger holdings formed steel giant, which will annually produce 47.8 million tons of steel. Thus, the new company will become the second largest steel producer in the world, conceding the primacy of the corporation "ArcelorMittal". The Japanese company Sumitomo Metal is one of the largest metallurgical concerns of the country. Ministry of Industry