Japanese electric-furnace based steel maker Tokyo Steel Manufacturing announced that that it’s net profits rose to JPY 6.81 billion (USD 50 million) for April-June 2022 quarter up from JPY 3.63 billion a year earlier as the revenue rose by 71% YoY to JPY 90.65 billion. Tokyo Steel said that while product prices increased, prices of the steel scrap that is used for production have fallen, leading to valuation losses for materials inventory.Tokyo Steel lowered its revenue estimate for the fiscal year ending March 2023 and raised its net-profit projection. It now expects revenue to climb 46% to JPY 396 billion and net profit to fall 1.4% to JPY 31 billion.Ever since its founding in 1934, Tokyo Steel has continually expanded its product line from basic long steel products, such as small steel sections and bars, to a variety of steel products. In particular, Tokyo Steel has become the country’s number-one producer H-beams. It is also producing hot rolled coils, pickled and oiled coils, galvanized coils, heavy steel plates, etc.