Japan-based Nippon Steel Corporation has announced its financial results for the first nine months ending December 31 of the financial year 2023-24.
In the given period, Nippon Steel recorded a net profit of JPY 468.88 billion ($3.15 billion), down 14.5 percent compared to the same period of the previous year, while the company’s net sales amounted to JPY 6.64 trillion ($44.66 billion), increasing by 11.4 percent compared to net sales of JPY 5.96 trillion in the first nine months of the previous financial year. In addition, Nippon Steel’s operating profit came to JPY 618.68 billion ($4.16 billion), down by 18.8 percent year on year.
Meanwhile, in the first nine months of the given financial year, Nippon Steel produced 26.28 million mt of crude steel, up by 2.5 percent, while its steel product shipments amounted to 24.12 million mt, increasing by 1.9 percent, both year on year.
The company expects its crude steel production to total 17.6 million mt in the second half and 35.0 million mt in the full financial year. Moreover, Nippon Steel forecasts sales revenues of JPY 9 trillion for the full financial year.
In addition, the company expects to complete the acquisition of US steelmaker United States Steel Corporation (US Steel) in the second or third quarter of the financial year 2024-25.