The world's second biggest steelmaker Japan-based Nippon Steel & Sumitomo Metal Corp. (NSSMC) has announced its financial results for the first half ended September 30 of the financial year 2017-18, posting a net profit of JPY 99.15 billion ($872.75 million), compared to the net profit of JPY 11 billion recorded in the same period of the previous financial year. In the given period, the company's net sales amounted to JPY 2.74 trillion ($24.16 billion), increasing by 27 percent year on year.
During the June-September period, NSSMC's steelmaking and steel fabrication segment recorded net sales of JPY 2.43 trillion ($21.46 billion), rising by 28 percent year on year. NSSMC stated that in the given period in the steelmaking and steel fabrication segment centered on shipments to the automotive sector and domestic demand was firm. Overseas steel demand in general remained solid. In the global market, temporary signs of weakness emerged at the beginning of the fiscal year due to inventory adjustments; however, in the second quarter, conditions improved, especially on the back of firm domestic demand in China.
Meanwhile, in the first half of the financial year 2017-18, NSSMC produced 23.12 million mt of crude steel, up 1.85 percent, while its steel product shipments amounted to 18.72 million mt, down 4.78 percent, both year on year.