TOKYO (Reuters) – Nippon Steel (5401.T) on the 1st revised its consolidated business profit forecast for the fiscal year ending March 2024 upward from 690 billion yen to 740 billion yen (down 19.3% from the previous year). This is the second upward revision this quarter. There was a rebound from the previous year’s rise in raw material prices, and inventory valuation differences occurred mainly in the first half.
The outlook for full-year non-consolidated crude steel production remains unchanged at around 35 million tons. Steel prices for the first half of the year were 144,100 yen per ton, compared to the planned price of 143,000 yen. For the full year, sales are expected to be 146,000 yen. The exchange rate has been revised from around 139 yen to the dollar to around 145 yen.
Consolidated business profit for the April-September period of 2023 was 494.2 billion yen, down 8.8% from the same period last year.
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