TOKYO: Nippon Steel, Japan’s biggest steelmaker, posted on Thursday a 20.8% fall in net profit for the year ended in March to 549.4 billion yen, beating estimates.

Nippon Steel had been expected to post a net profit of 464.6 billion yen, according to a LSEG poll of analysts.

For the year ending in March 2025, Nippon Steel forecast a net profit of 300 billion yen.

EU clears $14.9bn purchase of US Steel by Japan’s Nippon

The company reiterated that it planned to close its $15 billion deal to buy US Steel by the end of this year at the latest.