Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first quarter ended June 30 of the financial year 2024-25.
For the given period, Kobe Steel has reported a net profit of JPY 24.69 billion ($167.72 million), decreasing from the net profit of JPY 26.26 billion recorded in the same quarter of the previous financial year. The company’s consolidated net sales revenues for the first quarter of the financial year amounted to JPY 590.73 billion ($4.01 billion), down by 1.3 percent year on year, due to factors such as fluctuations in thermal coal prices despite the progress in reflecting the costs in selling prices. The company also recorded an operating profit of JPY 31 billion ($210.76 million), compared to JPY 34 billion in the first quarter of financial year 2023-24.
Kobe Steel produced 1.50 million mt of crude steel in the given quarter, down by a small margin compared to 1.57 million mt in 2023. Kobe’s steel product sales volume in the given period decreased to 1.15 million mt, from 1.19 million mt in the same quarter of the previous year.
In the financial year 2024-25, Kobe Steel’s crude steel production is expected to be about 6 million mt. The company’s sales volume is expected to amount to about 4.80 million mt in the given year. Meanwhile, the company anticipates a consolidated net sales revenue of JPY 2.66 trillion in the given financial year, remaining stable compared to the previous forecast.