Japan-based steelmaker Nippon Steel Corporation has stated in its consolidated financial and operational report for the first third quarter ending December 31 of the financial year 2024-25 that it will do whatever it takes to close its acquisition of US Steel in line with its business strategy and the policies of the new US administration, remaining committed to the strengthening of the industries, the economy and national security in the US. Also, it pointed out that both companies have filed lawsuits to reverse what it called the illegal interference with the deal.
Meanwhile, in the given quarter, the company recorded a net profit of JPY 386.39 billion ($2.54 billion), down by 17.6 percent compared to the same period of the previous year, while its net sales amounted to JPY 6.55 trillion ($43.06 billion), dropping by 1.3 percent from net sales of JPY 6.64 trillion in the same quarter of the previous financial year. In addition, Nippon Steel’s operating profit decreased by 8.5 percent year on year to JPY 566.13 billion ($3.72 billion).
Meanwhile, in the third quarter, the company produced 9.78 million mt of crude steel, down by 4.7 percent, while its steel product shipments amounted to 7.98 million mt, advancing by 0.4 percent, both on year-on-year basis.
Nippon Steel expects its crude steel production and its steel product shipments to be about 40 million mt and about 31.50 million mt, respectively, in the full financial year.
Moreover, the company expects sales revenue of JPY 8.6 trillion in the full financial year.