Nippon steel to consider moving up or adding restructuring measures

Credit: REUTERS/YUKA OBAYASHI

Japan's top steelmaker Nippon Steel Corp plans to consider moving up or adding more restructuring measures to meet tough business environment during the pandemic, its senior executive said on Tuesday.

TOKYO, Aug 4 (Reuters) - Japan's top steelmaker Nippon Steel Corp 5401.T plans to consider moving up or adding more restructuring measures to meet tough business environment during the pandemic, its senior executive said on Tuesday.

"It will take longer than the global financial crisis (in 2008/09) for steel demand to recover as industry activities around the globe have significantly slowed this time due to the coronavirus pandemic," Nippon Steel Executive Vice President Katsuhiro Miyamoto told an earnings news conference.

The world's third-largest steelmaker reported a net loss of 42 billion yen ($397 million) for the April-June quarter, against a profit of 33 billion yen a year earlier.

($1 = 105.8600 yen)

(Reporting by Yuka Obayashi, editing by Louise Heavens)

((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))

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