Japanese steel producer JFE Steel has announced that its net profit in the three months ending June 30, 2007 rose 62.9 percent due to strong demand.
According to the press release issued by JFE Steel, the company reported a net profit of Yen 89.41 billion ($754.13 million) compared to Yen 54.90 billion ($463 million) for the corresponding quarter of last year.
In the same period, the overall steel production of the company rose to 8.37 million mt, while the figure was 7.88 million mt a year earlier. As a result of cost reduction and increased sales prices, especially for export markets, net sales rose 14.4 percent to Yen 790.86 billion ($6.67 billion), while operating income surged 40.9 percent to Yen 130.70 billion ($1.10 billion).