Japan-based Nippon Steel Corporation has announced that it has revised its net sales forecast for the first half of the financial year 2021-22 ending March 31, 2022.
According to the announcement, the company expects its net sales in the first half to be JPY 12.7 billion, down by 12.4 percent from JPY 14.5 billion in the previous forecast, mainly due to the postponement of certain projects to the second half of the financial year.
Nippon Steel said it expects its operating profit for the first half to be JPY 500 million, while its net profit for the given period is expected to be JPY 300 million.
Meanwhile, the company stated that its annual profit may exceed its forecast amid higher steel prices, as SteelOrbis previously reported.