Kobe Steel reports net profit for FY 2020-21

Wednesday, 12 May 2021 10:19:23 (GMT+3)   |   Istanbul

Japanese steelmaker Kobe Steel Ltd has issued its financial and operational results for the fiscal year 2020-21 ended March 31.

For the given period, Kobe Steel has reported a net profit of JPY 23.23 billion ($214.03 million), increasing from the net loss of JPY 68 billion recorded in the previous financial year. The company’s consolidated net sales revenues for the full financial year amounted to JPY 1.70 trillion ($15.71 billion), falling by 8.8 percent year on year, due to a decrease in sales volume amid the impact of the coronavirus pandemic.

Kobe Steel produced 5.81 million mt of crude steel in the period in question, down 10.6 percent year on year. Kobe’s steel product sales volume in the given period declined by 10.7 percent to 4.73 million mt, compared to 5.3 million mt recorded in the previous financial year, due to lower overall demand in the automotive sector amid the impact of the pandemic.

According to Kobe Steel, in the financial year 2020-21 its steel exports declined by 5.8 percent year on year to 1.29 million mt, while its domestic sales fell by 12.4 percent year on year to 3.44 million mt.

The company said that it expects its crude steel output and steel sales volume to amount to 6.60 million mt and 5.40 million mt respectively in FY 2021-22.

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