Japan-based Nippon Steel Corporation has announced its financial results for the first half ended September 30 of the financial year 2021-22. In the given period, Nippon Steel recorded a net profit of JPY 312.71 billion ($2.75 billion), compared to a net loss of JPY 188.24 billion in the same period of the previous year, while the company’s net sales amounted to JPY 3.16 trillion ($27.84 billion), increasing by 41.1 percent compared to net sales of JPY 2.24 trillion in the first half of the previous financial year.
Meanwhile, in the first half of the given financial year, Nippon Steel produced 20.23 million mt of crude steel, up 38.2 percent, while its steel product shipments amounted to 18.28 million mt, increasing by 26.4 percent, both year on year. The company expects its crude steel production to increase to approximately 19.50 million mt in the second half and to 39.70 million mt in the full year.
The company said it expects to achieve a record net profit of JPY 520 billion for the full financial year, after the integration of Nippon Steel and Sumitomo Metals.