Japan-based Nippon Steel Corporation has announced its financial results for the financial year 2022-23 ended March 31.
In the given period, Nippon Steel recorded a net profit of JPY 694.01 billion ($5.06 billion), compared to a net profit of JPY 637.32 billion in the previous year, while the company’s net sales amounted to JPY 7.97 trillion ($58.2 billion), increasing by 17.1 percent compared to net sales of JPY 6.81 trillion in the previous financial year.
Meanwhile, in the given financial year, Nippon Steel produced 34.25 million mt of crude steel, down 11.4 percent, while its steel product shipments amounted to 31.47 million mt, decreasing by 11.5 percent, both year on year.
The company forecasts that it will produce approximately 35 million mt of crude steel in 2023-24 financial year and expects its steel product shipments to be approximately 32 million mt in the given year.
Meanwhile, Nippon Steel has decided to start studies to shift from the blast furnace steelmaking process to the electric arc furnace steelmaking process at the Kyushu Works and the Setouchi Works, in line with its aim to achieve carbon neutrality. In addition, a small electric arc furnace will be installed at the Hasaki R&D Center, and tests will begin in the fiscal year 2023-24.