Nippon Steel announced on Thursday the firm’s consolidated recurring loss became 43.6 billion yen for April-December 2009, though the firm gained recurring profit of 410.4 billion yen in the same period of 2008. The recurring profit for October-December 2009 was 43.3 billion yen. The firm recovered the black after 4 quarters. The recurring profit for October-December 2008 was 148.1 billion yen. Recurring loss in July-September 2009 was 30.3 billion yen.
Nippon Steel’s non-consolidated steel shipment increased by 12.8% for October-December from July-September, which is expected to increase by about 5% quarter-to-quarter for January-March. The firm estimates the consolidated recurring profit at 53.6 billion yen for January-March. However, the firm revised down the annual forecast for its consolidated recurring profit to 10 billion from previously estimated 20 billion yen. Raw material prices are likely to surge such for ferrous scrap and domestic construction demand keeps low. Nippon Steel now estimates the firm would post annual net loss at 15 billion yen for a business year ending in March 2010. The firm would post consolidated net loss for the first time in 7 years. The non-consolidated steel product shipment was 7.6 million tonnes for October-December 2009, higher than 7.12 million tonnes in the corresponding period of fiscal 2008 the consolidated crude steel output was 8.72 million tonnes for October-December, increasing by 18% year-to-year, while the non-consolidated crude steel production was 8.1 million tonnes, year-to-year plus by 20%. The unit sales price lowered by 2,000 yen to 72,500 yen per tonne. Steel product export rate lowered by 0.1 point to 38.8%. Nippon Steel expects the non-consolidated steel shipment approaches 8 million tonnes for January-March 2010 thanks to the increase of steel export and price. Operation rate of the firm’s iron works exceeded 90% for October-December 2009. The operation rate would keep above 90% for January-March 2010. The non-consolidated annual crude steel output is forecasted at 32 million tonnes for fiscal 2010. The consolidated crude steel output is estimated to total approximately 30 million tonnes for fiscal 2009 and the non-consolidated production at around 27.6 million tonnes. The non-consolidated steel product shipment is expected to total 27 million tonnes, increasing by 4% from fiscal 2008. Averaged steel sales price would lower to about 75,000 yen per tonne through fiscal 2009 from 104,700 yen in fiscal 2008. Steel export rate would rise to 38.0% from 32.5%.Japan Steel Scrap Composite Prices (Sangyo Press)
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