The world's fourth biggest steelmaker Japanese-based Nippon Steel has announced its financial results for the full financial year 2011-12, posting a net profit of JPY 58.4 billion ($727.3 million).
In FY 2011-12, Nippon Steel's net sales decreased by 0.5 percent year on year to JPY 4.09 trillion ($50.9 billion), while its operating profit amounted to JPY 79.3 billion ($987.6 million), down by 52.1 percent year on year.
Nippon Steel stated that its crude steel production in FY 2011-12 declined by 7.1 percent year on year to 32.44 million mt. The steelmaking and steel fabrication business of the company recorded net sales of JPY 3.4 trillion ($42.3 billion) in the given period.
Nippon Steel expects steel demand in Japan to be supported by reconstruction demand in the construction industry in the aftermath of the March 2011 earthquake and expectations of ongoing demand growth from the industrial machinery and automobile industries.