Kyoei Steel Posts 18 Times Higher Recurring Profit for Apr-Dec

Kyoei Steel announced on Tuesday the firm’s consolidated recurring profit expanded by 18 times year-on-year for nine months of April-December 2011. The firm posted net profit for nine months against net loss in the same period of fiscal 2010. Steel shipment increased and ferrous scrap cost lowered.

In the steel business unit, shipment of steel products increased by 62,000 tonnes to 1.138 million tonnes for April-December from the same period of fiscal 2010. Spread between ferrous scrap cost and steel product price widened by 2,100 yen per tonne. The consolidated net sales increased by 14.3% to 92.607 billion yen. The operating profit turned into the black at 1.962 billion yen against the red at 580 million yen in the same period of fiscal 2010.

In the environment and recycle business unit, the net sales decreased by 1.8% to 4.584 billion yen and the operating profit decreased by 15.4% to 952 million yen. Waste generation decreased and price competition was severe among waste processors.