Japan's largest steel company Nippon Steel Corp. increased revenue by 5.8% in the first half of fiscal 2025 but reported a net loss, while the company lowered its outlook for the current fiscal year due to unfavorable market conditions and continued high uncertainty. 243.3 billion yen for the same period of the previous year.
Operating loss amounted to 2.84 billion yen against a profit of 375.75 billion yen a year earlier.
Revenue rose to 4.64 trillion yen from 4.38 trillion yen in the first half of the previous fiscal year.
Steel production in April-September amounted to 22.93 million tons versus 19.93 million tons for the same period a year ago. Shipments of steel products fell to 15.47 million tons from 15.91 million tons.
Nippon Steel revised its forecast for the current fiscal year and now expects to end it with a net loss of 60 billion yen (previous forecast was a loss of 40 billion yen). Revenue is still forecast at 10 trillion yen (+15% year-on-year).
The company expects adjusted operating profit to decline to 680 billion yenfrom 793.7 billion yen a year earlier. However, the press release emphasized that United States Steel's results were excluded from the forecast for the current year due to a temporary deterioration in the company's cost situation due to equipment problems, high market uncertainty in the United States, and also because the US steel market was significantly weaker than expected. American steel manufacturer. The total value of the deal, announced at the end of 2023, was $14.9 billion.
The company carried out a 5-to-1 stock split on October 1.
Nippon Steel shares fell 2.5% in Wednesday trading.
