Japan’s top steelmaker cuts full-year profit forecast

Nippon Steel & Sumitomo Metal on Monday cut its full-year sales and profit forecast amid a slowdown in China and other overseas markets. The Tokyo-based company, one of the world's biggest steelmakers, also said it will start talks to take a controlling interest in a domestic rival to better compete globally. The global steel industry has suffered from weakening demand as Asian giant China's economy has slowed down from its high growth era, when international commodity suppliers grew fat off