Nippon Steel Net Profits Plunged in Fiscal 2023

SEATTLE (Scrap Monster): Leading Japanese steelmaker Nippon Steel announced results for the fiscal year ended 31^st March, 2024.

The company’s net profit for the year totalled 549.4 billion yen. The profit registered notable decline by 20.8% over the previous year quarter, but were above estimates. The LSEG poll of analysts had predicted the company’s net profit for the fiscal year at 464.6 billion yen. The cash flows from operating activities during the fiscal resulted in inflows of 1,010.1 billion yen during fiscal 2023.

Commenting on the market conditions during the year, Nippon Steel noted that the global economy showed signs of further slowdown. The Japanese economy staged moderate recovery, but domestic demand continued to remain weak. The steel demand witnessed significant decline during the second half of the fiscal, mainly on account of its economic growth in China as well as the rapidly falling economic sentiments in the U.S. and Europe, it said.

Nippon Steel expects to close its $15 billion worth deal to buy Pittsburgh-based United States Steel Corporation (U.S. Steel) latest by the end of the current year. For the fiscal year 2024 ending 31^st March, 2025. Nippon Steel predicts a net profit of 300 billion yuan, said the company press release.

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