Japanese steel producer Nippon Steel has stated in its financial and operational report for the financial year 2023-24 ended March 31 that it aims to close the deal for the acquisition of US Steel in the third or fourth quarters of the current financial year and that it intends to capture the demand of high-grade steel customers in the US by creating new value through combining the technological capabilities of both companies.
The European Commission approved the acquisition of US Steel by Nippon Steel earlier this week, as SteelOrbis reported previously.
Meanwhile, in the given financial year, Nippon Steel recorded a net profit of JPY 738.73 billion ($4.74 billion), compared to a net profit of JPY 587.90 billion in the previous year, while its net sales amounted to JPY 8.87 trillion ($56.95 billion), rising by 11.2 percent compared to net sales of JPY 7.98 trillion in the previous financial year.
Meanwhile, in the financial year 2023-24, Nippon Steel produced 40.51 million mt of crude steel, up by 0.5 percent, while its steel product shipments amounted to 32.03 million mt, rising by 1.8 percent, both year on year.
The company forecasts that it will produce approximately 40.5 million mt of crude steel in the financial year 2024-25 and expects its steel product shipments to be approximately 32 million mt in the given year.