Nippon Steel profit doubles on back of Chinese demand
Japanese steel producer Nippon Steel Corp (NSC) today posted financial results for the six-month period ended on September 30, 2004. According to the report, net income of the company in the six-month period increased to Yen 81 billion ($761 million) up by more than 50% against Yen 36.7 billion recorded in the corresponding period of previous year. Sales of the company increased to Yen 1.51 trillion ($14.1 billion) against 1.34 trillion recorded in the same period of 2003. The company expects its full year net income to reach Yen 190 billion ($1.7 billion) on sales Yen 3.33 trillion. In the first half of 2004-2005 fiscal year, sales of steelmaking and steel fabrication sector increased to Yen 1.2 trillion against Yen 1.02 trillion recorded in the first half of 2003. Consolidated operating profit of the company in the subject period increased to Yen 130.5 billion against Yen 81.7 billion recorded in the first half of previous fiscal year. The company attributes these improved results to the surging demand from China and the increase in global steel prices.