On January 28, Japanese steelmaker Nippon Steel Corporation, the world's second-largest steelmaker after ArcelorMittal, released its consolidated financial results for the third quarter ended December 31 of the Japanese fiscal year 2009-10.
In Q3 FY 2009-10, Nippon Steel's net loss amounted to Yen 45.89 billion ($507.41 million), compared to a net income of Yen 212.11 billion registered in the same period of the previous fiscal year, while the company's net sales decreased 35.1 percent year on year, dropping to Yen 2.48 trillion ($27.41 billion) from Yen 3.83 trillion.
In Q3 FY 2009-10, Nippon Steel produced 7.7 million mt of pig iron, compared to 7.47 million mt in Q3 of the previous financial year, while the company's crude steel output totaled 8.72 million mt, from 7.97 million mt in the same quarter of the previous year.
On the other hand, in the first nine months of the current fiscal year, Nippon Steel's pig iron output amounted to 18.89 million mt, from 23.54 in the first nine months of the previous fiscal year. Meanwhile, in the period in question, the company's crude steel production was 21.47 million mt, compared to 26.2 million mt in the same period of the previous financial year.
Nippon Steel has also revised its predictions for the full financial year. The company now expects to post a net loss of Yen 15 billion ($165.87 million). In its earlier forecast, the producer had predicted that it would see almost no loss in the final annual income results.