Japan-based Tokyo Steel has announced its interim consolidated financial results for the third quarter ending December 31 of the fiscal year 2024-25.
In the given quarter, the company reported a net profit of JPY 16.86 billion ($108.67 million), compared to a net profit of JPY 22.15 billion in the same quarter of the previous financial year, while its sales revenues amounted to JPY 254.71 billion ($1.64 billion), declining by 7.9 percent year on year. In addition, Tokyo Steel’s operating profit came to JPY 23.51 billion ($151.56 million), decreasing from an operating profit of JPY 30.16 billion recorded in the same quarter of last year.
In the third quarter, the company produced 2.22 million mt of steel, dropping by 11.3 percent year on year, while its total steel sales amounted to 2.40 million mt, down by 6.5 percent year on year. Tokyo Steel stated that, after the impact of typhoon weather in the second quarter subsided, product shipments recovered. The company expects the steel industry to face unpredictable conditions due to steel exports from China and sluggish demand due to delays in domestic construction projects.
In the meantime, the company expects its net profit to amount to JPY 29 billion for the financial year 2024-25, while its sales revenues and operating profit are forecast to total JPY 323 billion and JPY 28 billion, respectively.