Japanese steelmaker Kobe Steel Ltd has issued its financial results for the first half ended September 30 of the financial year 2021-22.
For the given period, Kobe Steel has reported a net profit of JPY 34.5 billion ($303.54 million), increasing from the net loss of JPY 15.2 billion recorded in the same quarter of the previous financial year. The company’s consolidated net sales revenues for the first half of the financial year amounted to JPY 972.18 billion ($8.55 billion), rising by 25.2 percent year on year.
Kobe Steel produced 3.35 million mt of crude steel in the period in question, up 35.1 percent year on year. Kobe’s steel product sales volume in the given period rose by 31.3 percent year on year to 2.68 million. 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, remaining the same compared to the previous forecast. The company’s sales volume is expected to reach about 5.5 million mt in the given year, due to higher demand in the manufacturing and construction industries.