Japan's third-biggest steelmaker Kobe Steel has posted a 12% YoY drop in April-December net profit at JPY 47.5 billion as margins for aluminum rolled products, advanced materials, and construction machinery deteriorated from a year before on rising energy costs even though sale was higher by 20% JPY 1.8 trillion due to stronger steel pricesHowever, Kobe Steel has raised full year net profit forecast by 38% to JPY 62 billion as it expects higher metal prices to offset lower sales volumes. Kobe Steel said “Steel metal spreads are expected to improve significantly from the previous forecast due to progress in improving selling prices, lower prices of main raw materials.”Kobe Steel also forecast its sales at JPY 2.49 trillion in the fiscal year ending on 31 March 2023, down 2% from its November prediction, mainly due to a decline in overseas car production amid continued shortage of chips.
Japan's third-biggest steelmaker Kobe Steel has posted a 12% YoY drop in April-December net profit at JPY 47.5 billion as margins for aluminum rolled products, advanced materials, and construction machinery deteriorated from a year before on rising energy costs even though sale was higher by 20% JPY 1.8 trillion due to stronger steel pricesHowever, Kobe Steel has raised full year net profit forecast by 38% to JPY 62 billion as it expects higher metal prices to offset lower sales volumes. Kobe Steel said “Steel metal spreads are expected to improve significantly from the previous forecast due to progress in improving selling prices, lower prices of main raw materials.”Kobe Steel also forecast its sales at JPY 2.49 trillion in the fiscal year ending on 31 March 2023, down 2% from its November prediction, mainly due to a decline in overseas car production amid continued shortage of chips.
