Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first quarter ended June 30 of the financial year 2021-22.
For the given period, Kobe Steel has reported a net profit of JPY 18.9 billion ($172.42 million), increasing from the net loss of JPY 13.1 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 463.2 billion ($4.22 billion), rising by 23.8 percent year on year.
Kobe Steel produced 1.66 million mt of crude steel in the period in question, up 41.8 percent year on year. Kobe’s steel product sales volume in the given period rose by 40.2 percent to 1.36 million, compared to 970,000 mt recorded in the same period of the financial year 2020-21. According to Kobe Steel, its steel sales increased significantly mainly in the automotive sector due to the recovery in demand from the impact of the coronavirus.
In the financial year 2021-22, Kobe Steel’s crude steel production is expected to be about 6.7 million mt. The company’s sales volume is expected to reach about 5.5 million mt in the given year, due to higher demand mainly in the automotive industry.