Japan-based Nippon Steel Corporation has announced its financial results for the financial year 2020-21 ended March 31.
In the given period, Nippon Steel recorded a net loss of JPY 19.33 billion ($117.05 million), compared to a net loss of JPY 426.12 billion in the previous year, while the company’s net sales amounted to JPY 4.83 trillion ($44.23 billion), decreasing by 18.4 percent compared to net sales of JPY 5.92 trillion in the previous financial year. The company’s net loss was due to a decrease in production and shipment volume.
Meanwhile, in the full financial year, Nippon Steel produced 33 million mt of crude steel, down 21.1 percent, while its steel product shipments amounted to 31.22 million mt, decreasing by 19.3 percent, both year on year. The company resumed production at three of its blast furnaces in the third and fourth quarters.
Nippon Steel expects its crude steel production to be approximately 20.50 million mt in the first half of the financial year 2021-22 and at 40 million mt for the full financial year.
Nippon steel aims to reach the highest level of profit of JPY 200 billion for the fiscal year 2021-22, after the integration of Nippon Steel and Sumitomo Metal.