NIPPON STEEL TO REDUCE DIVIDEND Nippon Steel Corp <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.