Nippon Steel forecasts to produce 40mn mt crude steel production in FY2021-22, which is 7mn mt higher than last fiscal. Crude steel production in the first half of FY2021 is expected to be 2.14mn mt higher than the second half production of 18.36mn mt. By FY2025, the company aims to optimize its annual crude steel production to 38mn mt.
Nippon’s crude steel output was also marginally lower than at 33mn mt against a forecast of 34.2mn mt and down by 8.85mn mt from 41.85mn in the prior year. Crude steel production in the second half of FY2020 improved to 18.36mn mt, up 3.72mn mt from 14.64mn mt in the first half.
Higher steel prices helped the company narrow its full year loss to JPY32.4bn ($298mn) compared to a loss of JPY431.5bn in the prior year, according to the company’s FY2020-21 earnings report on Friday. The company’s revenues fell short of the JPY4.85trillion figure forecasted in February to JPY4.83 trillion. Revenues were JPY5.92trillion in the prior year.
For FY2021-22, the company projects revenues of JPY6 trillion and business profit of JPY450bn.
($1 = JPY108.57)