Japanese steelmaker Kobe Steel Ltd has issued its financial results for the fiscal year 2017-18 ended March 31.
For the given period, Kobe Steel has reported a net profit of JPY 63.18 billion ($575.34 million), increasing from the net loss of JPY 23.04 billion recorded in the previous financial year. The company's consolidated net sales revenues for the full financial year amounted to JPY 1.88 trillion ($17.13 billion), up 10.9 percent year on year.
Kobe Steel produced 7.46 million mt of crude steel in the period in question, up 3.5 percent year on year. Kobe's steel product sales volume in the given period remained almost stable at 5.97 million mt, compared to the financial year 2016-17.
According to Kobe Steel, although its steel exports were lower than the previous year, domestic demand remained firm in the automotive sector and other industries. Sales prices were higher in the given year than the previous year, affected by higher raw material prices and other factors.
Regarding the 2018-19 financial year outlook, Kobe Steel forecasts net sales of about JPY 1.99 trillion ($18.12 billion) and a net profit of about JPY 45 billion ($409.72 million). The company stated that the business environment surrounding the Kobe Steel Group in Japan is anticipated to continue on a gradual recovery trend owing to improvement in the employment situation and signs of recovery in corporate capital investment and personal spending. Regarding overseas markets, Kobe Steel anticipates growth rates in China to slow, but in the United States, Southeast Asia and other areas, economic recovery is anticipated to continue on track.