Japanese steelmaker Kobe Steel Ltd has issued its financial and operational results for the fiscal year 2022-23 ended March 31.
For the given period, Kobe Steel has reported a net profit of JPY 72.56 billion ($540.42 million), increasing from the net profit of JPY 60.08 billion recorded in the previous financial year. The company’s consolidated net sales revenues for the full financial year amounted to JPY 2.47 trillion ($18.4 billion), rising by 18.7 percent year on year due to increased prices.
Kobe Steel produced 6.19 million mt of crude steel in the period in question, down by six percent year on year. Kobe’s steel product sales volume in the given period fell by 5.5 percent to 4.98 million mt, compared to 5.27 million mt recorded in the previous financial year, due to a decline in automotive production.
According to Kobe Steel, in the financial year 2022-23 its steel exports declined by 11.7 percent year on year to 1.13 million mt, while its domestic sales fell by 2.7 percent year on year to 3.85 million mt.
The company said that it expects its crude steel output and steel sales volume to amount to 6.2 million mt and five million mt respectively in FY 2023-24. In addition, Kobe Steel expects to report a net profit of JPY 100 billion and net sales revenues of JPY 2.68 trillion for FY 2023-24.