Japan-based Nippon Steel Corporation has announced its financial results for the first quarter ended June 30 of the financial year 2023-24.
In the given period, Nippon Steel recorded a net profit of JPY 188.47 billion ($1.32 billion), compared to a net profit of JPY 244.14 billion in the same period of the previous year, while the company’s sales revenues amounted to JPY 2.2 trillion ($15.42 billion), increasing by 14.6 percent compared to net sales of JPY 1.92 trillion in the first quarter of the previous financial year.
Meanwhile, in the first quarter of the given financial year, Nippon Steel produced 8.68 million mt of crude steel, down by 0.1 percent, while its steel product shipments amounted to 8.07 million mt, decreasing by 1.4 percent, both year on year.
The company expects its crude steel production and steel product shipments to be approximately 20.50 million mt and 16.0 million mt, respectively, both in the first and second halves of the current year.
Nippon Steel expects sales revenues of JPY 4.5 trillion for the first half and sales revenues of JPY 9 trillion in the full financial year.
Meanwhile, the company will install a small electric arc furnace and a direct reduced iron plant at the Hasaki R&D Center in the coming years, in line with its aim to achieve carbon neutrality.