Nippon Steel Corporation, a Japanese company, announced higher profits for the nine-month period ending December 31, 2022. In comparison to the same quarter last year, the corporation reported net income of JPY 548.45 billion (USD 4.17 billion).
Nippon also reported a rise in income from JPY 4.9 trillion in the same time last year to JPY 5.9 trillion (USD 44.9 bln). For the current fiscal year, the corporation forecasts net income of JPY 670 billion (USD 5.1 billion).
According to the company's most recent prediction, its annual output of steel, excluding subsidiaries, will be 34.2 million tons, down 4.5 million tons from the year prior.
The company's managing executive officer, Takahiko Iwai, stated that Nippon Steel anticipates an increase in auto production and a rebound in steel prices in the future, both of which would be aided by China's main customer loosening COVID-19 limitations.
"There are tremendous prospects for a turnaround in performance from the first quarter of 2023 financial year," Iwai said on an earnings conference call as crude steel output is anticipated to modestly improve in Japan.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only