On April 28, Japanese steelmaker Nippon Steel Corporation, the world's second largest steelmaker after ArcelorMittal, released its consolidated financial results for the Japanese fiscal year 2009-10.
In FY 2009-10, Nippon Steel's net loss amounted to JPY 11.53 billion ($123.25 million), compared to a net income of JPY 155.08 billion registered in the previous fiscal year, while the company's net sales decreased by 26.9 percent year on year, dropping to JPY 3.49 trillion ($37.28 billion) from Yen 4.77 trillion.
The company said that in FY 2009-10 steel demand in
Japan remained sluggish in the construction and civil engineering fields but began gradually recovering in automotive, electric machinery and other manufacturing industries where
production activity is picking up largely in response to recovering demand overseas. Steel demand overseas gained momentum in the second quarter, led by the rapidly improving business conditions in Asia.
Nippon Steel had sharply reduced steel
production in the first quarter given the sluggish demand situation. As steel demand in
Japan and overseas began recovering in the second quarter, the company correspondingly ramped up output and shipment volumes through the reactivation of its renewed blast furnace No. 1 at the Oita Works in August 2009 and of the BF No. 2 at the Kimitsu Works in October.
In the financial year in question, Nippon Steel's pig iron output came to 26.57 million mt -down 6.74 percent, its crude steel output totaled 29.92 million mt - down 4.23 percent, while its steel product shipments declined by 3.94 percent to 27.09 million mt, all compared to the previous fiscal year.