Osaka Steel Posts Higher Proforma Profit in 1H F2011

Japanese major electric furnace steel maker, Osaka Steel announced on Thursday the firm’s consolidated recurring profit decreased by 19.9% to 3.52 billion yen with 3% higher sales at 36.495 billion yen in first half of fiscal 2011 started in April from same period of fiscal 2010. The recurring profit was 295 million yen higher in calculation without the effect of change in inventory valuation method. The firm estimates 6 billion yen recurring profit for full year fiscal 2011.

Osaka Steel’s steel sales increased by around 20,000 tonnes to 443,000 tonnes in first half of fiscal 2011 from same period of fiscal 2010. The averaged steel selling price increased by 2,700 yen to 74,300 yen while ferrous scrap purchase cost increased by 2,700 yen to 37,800 yen. The firm gained near 600 million yen at recurring profit basis from better profit of the subsidiaries.