Tokyo headed major electric furnace steel maker, Asahi Industries, announced on Tuesday the firm posted the full-year consolidated recurring loss at 737 million yen in fiscal 2010 ended in March 2011 against the recurring profit at 1.964 billion yen in fiscal 2009. The firm posted the first loss since the listing in 2005. The firm couldn’t pass ferrous scrap cost upsurge fully on the selling price of steel products. The full-year consolidated net sales increased by 3.6% to 40.535 billion yen in fiscal 2010 from fiscal 2009. The steel business segment increased the net sales by 10.1% to 25.751 billion yen while posted loss at 569 million yen in fiscal 2010 against profit at 2.324 billion yen in fiscal 2009.Steel sales volume totaled 398,000 tonnes in fiscal 2010, increasing by 37,000 tonnes year-on-year. The unit sales price lowered by 1,000 yen to 62,000 yen per tonne while ferrous scrap purchasing price averagely upped by 8,000 yen to 34,000 yen per tonne. The spread narrowed to 28,000 yen in fiscal 2010 from 37,000 yen in fiscal 2009. For fiscal 2011, the firm forecasts full-year net sales at 46 billion yen with recurring profit at 1.5 billion yen. Steel sales volume is planned at 410,000 tonnes, 310,000 tonnes for concrete reinforcing steel bar and 100,000 tonnes for structural steel. The unit sales price is estimated at 72,000 yen per tonne and ferrous scrap cost at 35,000 yen per tonne.
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