Japan's Nippon Steel downgraded its projected consolidated crude steel production for the financial year ending 31 March 2022, to 44.80 million tonnes, down 2% from the 45.70 million tonnes forecast 2 November 2021, the second cut from an initial 46 million tonnes predicted in May 2021. The lower revision came after the steelmaker saw its crude steel output for October to December 2021 quarter fall 2.7% QoQ to 11.06 million tonnes from 11.37 million tonnes & projected January-March 2022 Quarters production fall to 10.60 million tonnes. Nippon Steel attributed the lowered forecast to lesser steel demand from China since the second half of 2021, and it also assumed that this would continue in 2022 under strong policy controls for carbon emissions. Another contributing factor stated was the drop in steel demand from the automotive industry as it continued to grapple semiconductor chip shortages.Despite the lower output, however, company maintains that it will post an annual net profit of JPY 520 billion (USD 4.54 billion), swinging from a net loss of JPY 32.4 billion the year before, citing higher prices of steel. For the current FY, it expects steel prices to average JPY 117,000 per tonne, up 35.9% against JPY 86,100 per tonne in the previous FY.Nippon Steel has reported a consolidated net profit of JPY 508 billion for April-December 2021, against a net loss of JPY 123 billion a year earlier, for the first time in three years
Japan's Nippon Steel downgraded its projected consolidated crude steel production for the financial year ending 31 March 2022, to 44.80 million tonnes, down 2% from the 45.70 million tonnes forecast 2 November 2021, the second cut from an initial 46 million tonnes predicted in May 2021. The lower revision came after the steelmaker saw its crude steel output for October to December 2021 quarter fall 2.7% QoQ to 11.06 million tonnes from 11.37 million tonnes & projected January-March 2022 Quarters production fall to 10.60 million tonnes. Nippon Steel attributed the lowered forecast to lesser steel demand from China since the second half of 2021, and it also assumed that this would continue in 2022 under strong policy controls for carbon emissions. Another contributing factor stated was the drop in steel demand from the automotive industry as it continued to grapple semiconductor chip shortages.Despite the lower output, however, company maintains that it will post an annual net profit of JPY 520 billion (USD 4.54 billion), swinging from a net loss of JPY 32.4 billion the year before, citing higher prices of steel. For the current FY, it expects steel prices to average JPY 117,000 per tonne, up 35.9% against JPY 86,100 per tonne in the previous FY.Nippon Steel has reported a consolidated net profit of JPY 508 billion for April-December 2021, against a net loss of JPY 123 billion a year earlier, for the first time in three years
