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Last Updated: Thursday, 6 March 2008, 06:40 GMT
Nippon Steel cuts profit forecast
Steel production
Steel producers have been hit by rising commodity prices
Nippon Steel, the second-largest steel company in the world, has cut its full-year profit forecast.

The company expects a pre-tax profit of 560bn yen ($5.4bn, 2.7bn) for the year ending 31 March - a 6.3% drop on the previous year.

Nippon Steel had been forecasting record profits, with a 0.4% rise.

Steel companies around the world have been struggling with soaring iron ore and coal prices. Japan's companies have also been hit by the rising yen.

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