Japan-based Nippon Steel Corporation has announced its financial results for the first nine months ended December 31 of the financial year 2021-22.
In the given period, Nippon Steel recorded a net profit of JPY 528.83 billion ($5.60 billion), compared to a net loss of JPY 116.48 billion in the same period of the previous year, while the company’s net sales amounted to JPY 4.94 trillion ($43.04 billion), increasing by 43.3 percent compared to net sales of JPY 3.45 trillion in the first nine months of the previous financial year.
Meanwhile, in the third quarter of the given financial year, Nippon Steel produced 9.64 million mt of crude steel, up 13.8 percent, while its steel product shipments amounted to 8.96 million mt, increasing by 12.9 percent, both year on year. The company expects its crude steel production to decrease to approximately 18.60 million mt in the second half and to 38.80 million mt in the full year, compared to approximately 19.50 million mt and 39.70 million mt respectively in the previous guidance.
The company said it expects to achieve a net profit of JPY 520 billion and a revenue of JPY 6.60 trillion for the full financial year. In the previous guidance, the company expected a revenue of JPY 6.70 trillion for the full financial year.