NSSC Posts 1.9B yen Recurring Loss in Apr-Jun

Nippon Steel & Sumikin Stainless Steel Corporation announced on Wednesday the firm posted 1.954 billion yen of consolidated recurring loss in April-June compared with 1.987 billion yen of loss in same period of last year. The firm could not improve the results due to slower selling price improvement to cover raw material cost increase. The steel shipment decreased by 16% from January-March due to output suspension at Kashima plant after the major earthquake and scheduled maintenance at Hikari plant.

NSSC’s steel shipment decreased by 23.1% to 183,000 tonnes in April-June from same period of last year while the averaged steel selling price increased by 15.8% to 307,000 yen per tonne. The consolidated sales decreased by 10.9% to 57.155 billion yen while the operating loss was 1.733 billion yen compared with 1.454 billion yen of loss in April-June of 2010. The net loss was 1.096 billion yen compared with 1.29 billion yen of loss.