Kyoei Steel, Godo Steel Post Higher Profits in 1H F2011

Kyoei Steel announced on Monday the firm’s consolidated recurring profit increased to 2.9 times at 969 million yen in first half of fiscal 2011 started in April from the same period of fiscal 2010. Godo Steel announced on Monday the firm posted 420 million yen of consolidated net profit in first half of fiscal 2011 while the firm posted 2.685 billion yen of the loss in same period of fiscal 2010. The firm posted 28.6% higher recurring profit at 637 million yen.

Kyoei Steel’s steel shipment increased by 3.8% to 733,000 tonnes with 3,500 yen per tonne higher averaged selling price in the first half than the figures in same period of fiscal 2010 while ferrous scrap cost increased by 3,000 yen. The firm estimates the shipment increase to more than 800,000 tonnes for the second half of fiscal 2011 for the first time after Lehman Shock.

Godo Steel’s steel shipment increased by 2.6% to 550,000 tonnes with 3,500 yen higher averaged selling price at 74,500 yen per tonne for the first half of fiscal 2011 from same period of fiscal 2010 while ferrous scrap cost increased by 2,900 yen to 39,000 yen. The affiliated companies also contributed to the higher profit.