Japan-based Nippon Steel Corporation has announced its financial results for the first quarter ended June 30 of the financial year 2022-23.
In the given period, Nippon Steel recorded a net profit of JPY 244.14 billion ($1.82 billion), compared to a net profit of JPY 172.31 billion in the same period of the previous year, while the company’s net sales amounted to JPY 1.92 trillion ($14.33 billion), increasing by 27.6 percent compared to net sales of JPY 1.50 trillion in the first quarter of the previous financial year.
Meanwhile, in the first quarter of the given financial year, Nippon Steel produced 8.69 million mt of crude steel, down by 14.6 percent, while its steel product shipments amounted to 8.19 million mt, decreasing by 10.9 percent, both year on year.
The company expects its crude steel production to be approximately 17.50 million mt both in the first half and second halves of the current year.
Nippon Steel expects a profit of JPY 300 billion for the first half and of JPY 600 billion for the full financial year
