Kobe Steel posts financial results for H1 of 2004

Kobe Steel posts financial results for H1 of 2004

Japanese steel producer Kobe Steel has recently announced financial results of first half the ending September 30, 2004. Accordingly, in the first six months, consolidated net sales were recorded as Yen 684.7 billion ($6.4 billion) against Yen 587 billion recorded in the same period of 2003. Operating income of the company has been recorded as Yen 67.4 billion ($630.8 million) against Yen 42 billion recorded in the first half of 2003. Net income of the company has been recorded as Yen 15.7 billion ($147 million) against Yen 8.9 billion recorded in the corresponding period of previous year. The improved figures are highly attributed to the increased demand and higher sales prices. In the first six months of the year, Kobe Steel's iron and steel segment sales have been recorded as Yen 294 billion ($2.75 billion), up by 15.7% against Yen 254 billion recorded in the first half of 2003. When production figures of the company are examined, it is seen that the company produced 3'848'000 tons of crude steel, up by 5.5% against 3'646'000 tons recorded in the first half of previous year. For the second half of 2004, Kobe Steel forecasts that the steel demand will continue increasing.