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Nippon Steel has revised its full-year forecast, warning of a ¥40 billion loss for fiscal 2025, primarily due to one-time charges linked to its recent acquisition of U.S. Steel.
The Japanese steelmaker completed the $14.9 billion deal in June 2025, following a lengthy regulatory review in the U.S. While the acquisition is expected to bring long-term benefits, the immediate financial impact has been significant. The company posted a first-quarter net loss of ¥195.8 billion, driven by a ¥231.5 billion charge from its divested stake in the AM/NS Calvert joint venture—transferred to ArcelorMittal as part of regulatory commitments.
Previously projecting a ¥200 billion profit, Nippon now expects short-term setbacks but remains optimistic. The company anticipates U.S. Steel will contribute ¥80 billion in profit this year, increasing to ¥150 billion in 2026 with the launch of its Big River 2 plant, and potentially ¥250 billion annually from 2028.
Despite this outlook, S&P downgraded Nippon Steel’s credit rating to BBB with a negative outlook. To boost share liquidity, the company also announced a 5-for-1 stock split effective October 1.
Nippon Steel continues to see the U.S. market as a key growth driver, with plans for further investment and integration.
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