Japanese steelmaker Kobe Steel Ltd (Kobe) has issued its financial results for the first half (ended September 30) of the Japanese financial year 2011-12.
The net income of Kobe Steel was JPY 17.3 billion ($222.5 million) for the given period, down 41.1 percent compared to the same period of the previous financial year. Net sales revenues in H1 FY 2011-12 were JPY 960.07 billion ($12.3 billion), up 4.1 percent year on year, while sales of its iron and steel segment remained unchanged compared to the previous year at JPY 420.1 billion ($5.3 billion).
Kobe Steel produced 3.63 million mt of crude steel in the first half of FY 2011-12, compared with 3.72 million mt in the same period of the previous fiscal year. Kobe's steel product sales volume in the given period was 2.98 million mt, down from 3.21 million mt in the corresponding period of FY 2010-11.
For the remaining quarters of the fiscal year, Kobe Steel forecasts demand for steel products will be strong in the domestic manufacturing industry. However, Kobe Steel also stated that "as the overseas supply and demand environment centered on emerging countries and the high Japanese yen make conditions unpredictable, Kobe Steel will carefully watch market trends in Japan and overseas."