Tokyo (Reuters)

Nippon Steel, Japan's largest steel maker, revised its full-year net profit outlook to 310 billion yen ($2 billion) from a previous forecast of 340 billion yen due to inventory valuation losses stemming from weak raw material prices.

Even as the world's fourth-biggest steel maker adjusted its forecast for the fiscal year ending March, it aims to maintain a full-year dividend target of 160 yen per share.

The company's net profit for the six-month period ended September 30 was down 19% year-on-year, at 243.4 billion yen.

Nippon Steel reiterated its plans to close its acquisition deal for U.S. Steel before the year's end. This affirmation follows the election of Republican Donald Trump, who has expressed intentions to block the deal.

The Committee on Foreign Investment in the United States (CFIUS) has extended its review of the $15 billion deal until the end of December. Nippon Steel stated that the deal is "progressing towards close".

To secure approval, Nippon Steel has made social guarantees and investment pledges to U.S. Steel and a powerful labor union involved. They have also promised to sell a stake in a U.S. steel plant's joint venture if the buyout is successful.

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