NIPPON STEEL TO REDUCE DIVIDEND

  Nippon Steel Corp &lt;NSTC.T> plans to
  reduce its dividend to three yen in the year ending March 31
  1987 from the five yen of 1985/86, a company spokesman said.
      The company estimated parent company current losses at 15
  billion yen in 1986/87, including a gain of 95 billion yen from
  the sale of securities. This compares with a 36.07 billion yen
  profit a year earlier.
      Sales in 1986/87 are seen at 2,150 billion yen, down from
  2,685 billion a year ago.
      Poor business prospects were attributed to the yen's rise
  and slow world steel demand. Nippon is expected to report
  parent company results in late May.
      Total 1986/87 crude steel production is estimated at 25.57
  mln tonnes, down from 27.98 mln a year earlier.
      Crude steel production is likely to be below 1986/87 output
  but forecasts for profits and sales in the year starting April
  1 are unavailable yet, he said.
  

