The world's second biggest steelmaker Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) has announced its financial results for the first quarter ended June 30 of the financial year 2018-19, posting a net profit of JPY 96.35 billion ($862.51 million), increasing by 35 percent compared to the first quarter of the previous financial year. In the given period, the company's net sales amounted to JPY 1.44 trillion ($12.89 billion), up 6.3 percent year on year.
During the April-June period, NSSMC's steelmaking and steel fabrication segment recorded net sales of JPY 1.28 trillion ($11.48 billion), rising by six percent year on year.
Meanwhile, in the given period, NSSMC produced 11.84 million mt of crude steel, up 3.5 percent, while the company's steel product shipments amounted to 9.57 million mt, increasing by 2.5 percent, both year on year.
According to NSSMC’s statement, in the steelmaking and steel fabrication segment, domestic steel demand remained firm during the given period, especially shipments to the automotive and industrial machinery sectors. Overseas steel demand as a whole was on a rising trend. In the domestic and overseas steel markets, prices were at a generally high level against a background of solid demand. In such an environment, the segment increased sales compared to the previous year.
For the first half of the financial year 2018-19, the company is forecasting a net profit of JPY 110 billion ($984.7 million) and net sales of JPY 3 trillion ($26.85 billion).