The Wall Street Journal-20080129-Nippon Steel Corp-- Earnings Fall 13- On Higher Costs

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Nippon Steel Corp.: Earnings Fall 13% On Higher Costs

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Nippon Steel Corp. said fiscal third-quarter net profit skidded 13% as raw-materials price increases were compounded by a slump in Japan's construction industry and weakness in the U.S. economy. But the world's second-biggest steelmaker by output and sales after ArcelorMittal left its full-year forecasts unchanged. Nippon Steel said net dropped to 86.6 billion yen ($810.6 million) from 99.3 billion yen a year earlier.