Japan's Largest Steel Maker to Pay Record Dividend of 180 yen per share

Nippon Steel Corp, Japan's largest steelmaker, reported a 2% increase in April-December net profit to 517 billion yen ($4 billion) and said it would pay a record-high full-year dividend of 180 yen per share.

Nippon Steel paid an annual dividend of 160 yen per share last year, despite maintaining its full-year net profit forecast of 670 billion yen. The fiscal year in Japan ends on March 31.

The company increased its full-year underlying business profit forecast by 60 billion yen to 690 billion yen, estimating that non-consolidated steel output will be 200,000 tonnes higher than previously estimated in November.

It reported April-December sales up 21% to 5.7 trillion yen on Thursday.

Nippon Steel plans to issue a green bond on the Japanese market to co-finance the production of electrical steel sheets used in eco-friendly car motors as it expands its lower-emission business, including carbon capture and storage.

The bond's size and maturity have yet to be announced, and the issue may take place in March or later, according to Nippon Steel.