Japan-based Nippon Steel Corporation has announced its financial results for the first half ending September 30 of the financial year 2023-2024.
In the given period, Nippon Steel recorded a net profit of JPY 321.82 billion ($2.14 billion), compared to a net profit of JPY 394.71 billion in the same period of the previous year, while the company’s net sales amounted to JPY 4.41 trillion ($29.36 billion), increasing by 13.8 percent compared to net sales of JPY 3.87 trillion in the first half of the previous financial year.
Meanwhile, in the first half of the given financial year, Nippon Steel produced 17.44 million mt of crude steel, up by 2.3 percent, while its steel product shipments amounted to 16.17 million mt, increasing by three percent, both year on year.
The company expects its crude steel production to be approximately 17.60 million mt in the second half and 35 million mt in the full financial year.
Moreover, Nippon Steel forecasts its profit for the full financial year to amount to JPY 420 billion, compared to a net profit of JPY 694.01 billion in the financial year 2022-23.