Japanese Integrated Steelmaker Swung to Profit in First Quarter

SEATTLE (Scrap Monster): Leading Japanese steelmaker Nippon Steel Corporation announced financial results for the first quarter ended 30^th June, 20201 of the financial year 2021-’22.

According to company press release, it recorded net profit of JPY 172.31 billion or $1.58 billion during the 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 or $13.77 billion. It must be noted that the company had recorded net sales of JPY 1.13 trillion during the first quarter of the previous financial year.

The company produced 10.18 million mt of crude steel during the first quarter, significantly higher by 41.4% year-on-year. The shipments of steel products surged higher by more than 29% to 9.20 million mt. Nippon Steel expects its crude steel production to total around 20.50 million mt in the initial half of the year and 19.50 million mt during the second half of the year.

The drastic cost reduction during the previous year may deliver strong V-shaped recovery in the current financial year. The H1 profit is estimated at around JPY 200 billion, whereas it expects profits to touch JPY 370 billion during the entire financial year.

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