Japanese steel behemoth Nippon Steel Corporation has released its consolidated financial results for the third quarter of the Japanese fiscal year ended December 31, reporting increased net income and sales over 2009.
In third fiscal quarter, Nippon Steel's net income amounted to JPY 104.48 billion ($1.28 billion), compared to a net loss of JPY 45.9 billion registered in the same period of the previous fiscal year, while the company's net sales increased 21.7 percent year on year, rising to JPY 3.03 trillion ($37.22 billion) from JPY 2.48 trillion. The value of the company's total assets at the end of the period in question was JPY 5.04 trillion ($61.91 billion).
Nippon Steel produced 8.15 million mt of pig iron, compared to 7.7 million mt in third quarter of the previous financial year, while the company's crude steel output totaled 8.68 million mt, from 8.72 million mt in the same quarter of the previous year.
JPY 95 billion net income forecast for whole financial year
Nippon Steel has also revised its predictions for the full financial year down, amid the rise in coking coal prices as a result of Queensland floods in Australia. The company expects to post a net income of JPY 95 billion and net sales of JPY 4.1 trillion for the 12 months ending on March 31, 2011.
"Domestic demand for steel was adversely affected by the ongoing stagnancy in the domestic construction and civil engineering fields, but the export volume remained at a high level, supported by vigorous steel demand from emerging countries in Asia," Nippon Steel said.