Japanese steel maker, Daido Steel expects net sales of its specialty steel division to decline by 23.3pc to JPY139.4bn ($1.3bn) in FY2021 ending March 31, 2021 compared to the prior fiscal.
Net sales of high performance and magnetic material is projected to fall by 13.4pc to JPY145bn in FY2021 while its automobile parts and industrial equipment division is expected to see a 16.9pc drop in net sales to JPY80.9bn. Daido expects its total net sales in FY2021 to decline by 18.4pc to JPY400bn compared to same period in FY2020.
In the first nine months of FY2021, net sales of specialty steel fell by 30.1pc to JPY99bn from the same period in FY2020. Net sales of high performance and magnetic material was down by 17.9pc to JPY103.4bn during the same period. Sales of the automobile parts and industrial equipment division dropped by 21.7pc to JPY58bn in the April-December from the prior year period.
Daido’s consolidated net sales in the nine-month period dropped by 23.1pc to JPY287bn from the same period in FY2020. Its total operating income in this period under comparison fell by 91.1pc to JPY1.8bn.
($1 = JPY105.02)