Daido Steel Co Ltd Lowers Consolidated Full-year Outlook for FY 2013; Lowers Year-end Dividend Forecast for FY 2013

Daido Steel Co Ltd announced that it has lowered the consolidated full-year outlook for revenue from JPY 450,000 million to JPY 440,000 million, operating profit from JPY 17,500 million to JPY 13,500 million, ordinary profit from JPY 17,000 million to JPY 13,500 million, net profit from JPY 10,000 million to JPY 8,500 million and earning per share from JPY 23.05 to JPY 19.60 for the fiscal year ending March 31, 2013. The negative outlook is mainly due to the low market demand and long term inventory adjustment. The Company also announced that it has lowered the year-end dividend forecast from JPY 3 per share, disclosed on October 31, 2012, to JPY 1.5 per share, for the fiscal year ending March 31, 2013. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 449.15 billion, operating profit of JPY 16.91 billion and net income of JPY 9.93 billion.