NIPPON STEEL TO REDUCE DIVIDEND
Nippon Steel Corp <NSTC.T> plans to
reduce its dividend to three yen in the year ending March 31
1987 from the five yen of 1985/86, a company spokesman said.
    The company estimated parent company current losses at 15
billion yen in 1986/87, including a gain of 95 billion yen from
the sale of securities. This compares with a 36.07 billion yen
profit a year earlier.
    Sales in 1986/87 are seen at 2,150 billion yen, down from
2,685 billion a year ago.
    Poor business prospects were attributed to the yen's rise
and slow world steel demand. Nippon is expected to report
parent company results in late May.
    Total 1986/87 crude steel production is estimated at 25.57
mln tonnes, down from 27.98 mln a year earlier.
    Crude steel production is likely to be below 1986/87 output
but forecasts for profits and sales in the year starting April
1 are unavailable yet, he said.
 REUTER
