On July 27, the world's fourth biggest steelmaker Japanese-based Nippon Steel announced its financial results for the first quarter (ended June 30) of the fiscal year 2011-12.
Accordingly, the net profit of Nippon Steel for the first quarter of FY 2011-12 increased by 8.4 percent compared to the same quarter of the previous year, rising to JPY 29.09 billion ($373.74 million).
In the given period, Nippon Steel increased its net sales by 1.5 percent year on year to JPY 985.55 billion ($12.66 billion), while its operating profit dropped to JPY 38.59 billion ($459.66 million) down by 25 percent year on year.
Nippon Steel forecasts a net sales figure of JPY 2.1 trillion ($27 billion) and an operating profit of JPY 90 billion ($1.1 billion) for the first half of 2011.
Nippon Steel stated that its steel shipment volume in the first quarter of the current Japanese fiscal year decreased along with the six percent decline in its crude steel production in Japan following the earthquake in March this year. The steelmaking and steel fabrication business of the company recorded net sales of JPY 851.9 billion ($10.9 billion) in the given quarter.