Japanese steelmaker Marubeni-Itochu Steel Inc. has announced its financial results for the financial year 2016-17, ended March 31.
For the given year, Marubeni-Itochu Steel has reported a net profit of JPY 15.1 billion ($135.55 million), increasing by 15.26 percent year on year. The company's net sales revenues in the same year amounted to JPY 1.79 trillion ($16.14 billion), down 8.7 percent compared to the previous financial year.
The company stated that key factors reflected in the company’s consolidated financial settlement for the financial year 2016-17 included the lower than expected performance of its steel pipe business in the energy supply-demand environment, robust results for the US construction materials business, higher earnings by both domestic and overseas subsidiaries, and a resurgence in the steel product market from the second half of the year. Against this backdrop, the company’s consolidated financial statement for the given year reflected a decrease in income and growth in profit compared to the previous year.