Japan-based Nippon Steel Corporation has announced its financial results for the first half of the financial year 2022-2023 ending September 30.
In the given period, Nippon Steel recorded a net profit of JPY 394.71 billion ($2.68 billion), compared to a net profit of JPY 312.708 billion in the same period of the previous year, while the company’s net sales amounted to JPY 3.87 trillion ($20.98 billion), increasing by 22.4 percent compared to net sales of JPY 3.16 trillion in the first half of the previous financial year.
Meanwhile, in the first half of the given financial year, Nippon Steel produced 17.04 million mt of crude steel, down by 15.8 percent, while its steel product shipments amounted to 15.69 million mt, decreasing by 14.2 percent, both year on year.
The company expects its crude steel production to be approximately 17 million mt in the second half and 34 million mt in the full financial year.
Moreover, Nippon Steel revised its profit forecast for the full financial year to JPY 670 billion, up 5.1 percent from the same period of the previous financial year.
In addition, the producer has announced that it launched a new brand called ‘NSCarbolex™ Solution’ to contribute to reducing carbon emissions of customers’ with advanced products and technical solutions, along with realizing the same goal in its own manufacturing processes. According to the statement, Nippon Steel aims to be a carbon-neutral company by 2050.
