Nippon Steel Logs Record April-Dec. Net Profit; Peers' Profits Fall

Tokyo, Feb. 9 (Jiji Press)--Nippon Steel Corp. <5401> said Thursday that its net profit for April-December 2022 hit a record high, while JFE Holdings Inc. <5411> and Kobe Steel Ltd. <5406> logged profit falls in the nine-month period.

The major Japanese steelmakers' earnings were apparently affected by how much they were able to raise prices amid soaring material and energy costs.

In the first three quarters of fiscal 2022, Nippon Steel's consolidated net profit grew 1.8 pct from a year before to 517,144 million yen, as its average steel price per ton rose by 36,900 yen to 149,400 yen. The higher profit was also attributed to cost-cutting efforts.

"It is the result of our efforts to build a profit structure that is not affected by the external environment," Nippon Steel Executive Vice President Takahiro Mori said in an online press conference.

Meanwhile, JFE posted a net profit of 143,940 million yen, down 35.5 pct. Its efforts to raise its steel prices were not enough to offset the effects of a cheaper yen and rising material prices.

[Copyright The Jiji Press, Ltd.]