Mitsubishi Steel has reported that the Group posted consolidated net sales of JPY 126,447 million yen in the cumulative period through the third quarter of the fiscal year under review, an increase of JPY 22,115 million up 21% YoY while consolidated operating income was JPY 2,873 million down 38% YoY due to widening losses at the North American Springs subsidiary and other factors. Net income attributable to owners of parent was JPY 1,234 million down 64% YoYThe sales in the Special Steel Bars Business were JPY 75,990 million up 22% YoY due to efforts to adjust selling prices to reflect the devalued yen and the rising cost of raw materials and energy. Progress in reflecting rising costs in selling prices helped generate growth in operating income for the domestic business. Overseas, profits at the Indonesian business rose due to increased production and efforts to adjust selling prices to reflect rising scrap prices. Overall, the Special Steel Bars Business posted operating income of JPY 4,738 million up 8% YoYIn the Springs Business, thanks to recovering demand, automotive production increased, primarily in North America. This was despite the impact of the Shanghai COVID-19 lockdowns and the tight supply of semiconductors and other components. These and other contributing factors, including steady demand for construction machinery, the translation effects of the weaker yen, and efforts to adjust selling prices to reflect higher raw material prices, contributed to year-on-year growth of JPY 8,866 million yen in net sales up 26%% YoY in the Springs Business to JPY 42,917 million. Operating losses for the Springs Business as a whole grew by JPY 1,787 million. Contributing factors included production disruptions that persisted from the second half of the previous fiscal year and cut productivity, emergency shipping and other additional costs, and losses magnified by yen depreciation at the North American subsidiary.Despite orders for new special alloy powder products, sales volumes in the Formed & Fabricated Products Business fell due to customer inventory adjustments on parts for automotive internal combustion engines and discontinued production of Esco cast steel products. At the same time, adjustments in selling prices to reflect rising raw material costs helped drive net sales, which increased JPY 197 million up 3% YoY to JPY 7,939 million yen. Operating income declined JPY 220 million down 30% YoY to JPY 513 million due to lower sales volumes and the failure of price increases to keep pace with various rising costs, including the rising cost of raw materials.
Mitsubishi Steel has reported that the Group posted consolidated net sales of JPY 126,447 million yen in the cumulative period through the third quarter of the fiscal year under review, an increase of JPY 22,115 million up 21% YoY while consolidated operating income was JPY 2,873 million down 38% YoY due to widening losses at the North American Springs subsidiary and other factors. Net income attributable to owners of parent was JPY 1,234 million down 64% YoYThe sales in the Special Steel Bars Business were JPY 75,990 million up 22% YoY due to efforts to adjust selling prices to reflect the devalued yen and the rising cost of raw materials and energy. Progress in reflecting rising costs in selling prices helped generate growth in operating income for the domestic business. Overseas, profits at the Indonesian business rose due to increased production and efforts to adjust selling prices to reflect rising scrap prices. Overall, the Special Steel Bars Business posted operating income of JPY 4,738 million up 8% YoYIn the Springs Business, thanks to recovering demand, automotive production increased, primarily in North America. This was despite the impact of the Shanghai COVID-19 lockdowns and the tight supply of semiconductors and other components. These and other contributing factors, including steady demand for construction machinery, the translation effects of the weaker yen, and efforts to adjust selling prices to reflect higher raw material prices, contributed to year-on-year growth of JPY 8,866 million yen in net sales up 26%% YoY in the Springs Business to JPY 42,917 million. Operating losses for the Springs Business as a whole grew by JPY 1,787 million. Contributing factors included production disruptions that persisted from the second half of the previous fiscal year and cut productivity, emergency shipping and other additional costs, and losses magnified by yen depreciation at the North American subsidiary.Despite orders for new special alloy powder products, sales volumes in the Formed & Fabricated Products Business fell due to customer inventory adjustments on parts for automotive internal combustion engines and discontinued production of Esco cast steel products. At the same time, adjustments in selling prices to reflect rising raw material costs helped drive net sales, which increased JPY 197 million up 3% YoY to JPY 7,939 million yen. Operating income declined JPY 220 million down 30% YoY to JPY 513 million due to lower sales volumes and the failure of price increases to keep pace with various rising costs, including the rising cost of raw materials.
