Japan-based Nippon Steel Corporation has announced its financial results for the first nine months ending December 31 of the financial year 2022-23.
In the given period, Nippon Steel recorded a net profit of JPY 548.45 billion ($4.2 billion), up 3.7 percent compared to the same period of the previous year, while the company’s net sales amounted to JPY 5.96 trillion ($45.62 billion), increasing by 20.6 percent compared to net sales of JPY 4.94 trillion in the first nine months of the previous financial year.
Meanwhile, in the first nine months of the given financial year, Nippon Steel produced 25.63 million mt of crude steel, down by 14.2 percent, while its steel product shipments amounted to 23.67 million mt, decreasing by 13.1 percent, both year on year.
The company expects its crude steel production to be 17.2 million mt in the second half and 34.2 million mt in the full financial year.
Moreover, Nippon Steel has maintained its profit forecast for the full financial year at JPY 670 billion.