Nippon Steel Hikes Profit Forecast on Higher Steel Prices
Japanese steelmaker Nippon Steel Corporation has recorded net profit of JPY 172.31 billion during the April-June quarter. This compares with net loss of JPY 41.42 billion in the corresponding quarter a year before. The net sales surged higher by almost one-third to total JPY 1.50 trillion. The company produced 10.18 million tonnes of crude steel during the first quarter, significantly higher by 41.4% YoY. The shipments of steel products surged higher by more than 29% to 9.20 million tonnes.
Nippon Steel expects its crude steel production to total around 20.50 million tonnes in the initial half of the year and 19.50 million tonnes during the second half of the year.
Nippon Steel Corporation has reported revision in its consolidated and non-consolidated financial forecasts for the first half and the full fiscal year ending March 31, 2022, which were released at the time of the announcement of results for fiscal 2020 on May 7, 2021. It said “The Company is projecting a consolidated business profit of600.0 billion yen and non-consolidated ordinary profit of 380.0 billion yen in contrast with the previous consolidated and non-consolidated forecasts, due to the improvement of steel prices and the uptrend in Group companies' earnings in the fiscal year ending March 31, 2022.”