Japan-based Nippon Steel Corporation has announced its financial results for the first nine months ended December 31 of the financial year 2020-21. In the given period, Nippon Steel recorded a net loss of JPY 116.48 billion ($1.10 billion), compared to a net loss of JPY 351.56 billion in the same period of the previous year, while the company’s net sales amounted to JPY 3.45 trillion ($32.66 billion), decreasing by 22.9 percent compared to net sales of JPY 4.47 trillion in the first nine months of the previous financial year.
Meanwhile, in the third quarter of the given financial year, Nippon Steel produced 8.47 million mt of crude steel, down 10.1 percent, while its steel product shipments amounted to 7.93 million mt, decreasing by 10.9 percent, both year on year. The company resumed production at three of its blast furnaces out of five and expects its crude steel production to increase to approximately 10.10 million mt in the fourth quarter of the year and to 33.20 million mt for the full financial year.
Nippon steel expects demand to recover beyond expectations in the second half of the given financial year. The company expects a loss of JPY 120 billion for the fiscal year ending March 31, 2021, down from JPY 170 billion in the previous forecast, due to a decrease in production and shipment volumes amid the impact of the coronavirus.