Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first half ended September 30 of the financial year 2022-23.
For the given period, Kobe Steel has reported a net profit of JPY 28 billion ($200.5 million), decreasing from the net profit of JPY 34.5 billion recorded in the same period of the previous financial year. The company’s consolidated net sales revenues for the first half of the financial year amounted to JPY 1.17 trillion ($8.37 billion), rising by 20.2 percent year on year, due to improvements in selling prices.
Kobe Steel produced 3.15 million mt of crude steel in the period in question, down 5.9 percent year on year. Kobe’s steel product sales volume in the given period fell by 6.7 percent year on year to 2.5 million, due to a decrease in automobile production.
In the financial year 2022-23, Kobe Steel’s crude steel production is expected to be about 6.3 million mt. The company’s sales volume is expected to total about 5.1 million mt in the given year, due to the expectation of a decrease in sales volume amid the slow demand recovery in the automotive industry caused by semiconductor chip shortages.