Nippon Steel, Japan's biggest steel maker, revised on Thursday 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 from weak raw material prices.

Japan's Nippon Steel hopes to close its $15 billion deal to buy U.S. Steel by year-end before Republican Donald Trump retakes the White House in January, a senior executive said, as the acquisition is core to its future growth.

Nippon Steel Corp. said it still expects its $14.1 billion acquisition of United States Steel Corp. to complete by the end of the year.Most Read from BloombergParis Restricts Through Traffic in City CenterKey Ballot Initiatives and Local Races Highlight Views on Abortion,

Financial writer reporting Nippon Steel's plan to acquire US Steel for $14.1 billion by end of year, post-election, expecting constructive discussions.