Nippon Steel Upwardly Revises its Consolidated Operating Income Forecast for the Fiscal Year Ending March 2024 to 800 Billion Yen

On the February 7th, Nippon Steel announced that it has upwardly revised its consolidated operating income forecast for the fiscal year ending March 2024 to 800 billion yen (compared to the previous forecast of 916.4 billion yen), an increase of 600 billion yen from the previous estimate. Margin improvements, cost reductions, and favorable factors such as inventory valuation differences are contributing to this upward revision. Despite unprecedented challenging business conditions such as sluggish domestic and international demand and high raw material prices, crude steel production remains at low levels. However, by leveraging the effects of structural reforms and ensuring appropriate margins, excluding inventory valuation differences, the full-year profit forecast is revised upward by 500 billion yen compared to the previous estimate to 890 billion yen, achieving a record high. Nippon Steel aims to evolve towards a new business structure with depth, including expanding its operations in India and investing in overseas resources, to strengthen the foundation for sustained high profitability.