Japan-based Nippon Steel Corporation has announced its financial results for the first quarter ended June 30 of the financial year 2021-22. In the given period, Nippon Steel recorded a net profit of JPY 172.31 billion ($1.58 billion), compared to a net loss of JPY 41.42 billion in the same period of the previous year, while the company’s net sales amounted to JPY 1.50 trillion ($13.77 billion), increasing by 32.7 percent compared to net sales of JPY 1.13 trillion in the first quarter of the previous financial year.
Meanwhile, in the first quarter of the given financial year, Nippon Steel produced 10.18 million mt of crude steel, up 41.4 percent, while its steel product shipments amounted to 9.20 million mt, increasing by 29.2 percent, both year on year. The company expects its crude steel production to increase to approximately 20.50 million mt in the first half and to 19.50 million mt in the second half of the year.
Nippon Steel expects its performance in the given financial year to be a strong V-shaped recovery due to drastic cost reduction in the previous year. The company expects a profit of JPY 200 billion for the first half and JPY 370 billion for the full financial year.