With weak demand recovery and huge losses, Nippon Steel will continue to reduce production
Date: 2020-08-19
With weak demand recovery and huge losses, Nippon Steel will continue to reduce production
On August 4, Japan’s largest steel producer, Nippon Steel, announced its first-quarter financial report for the 2020 fiscal year. According to the financial report data, the crude steel output of Nippon Steel in the second quarter of 2020 is about 8.3 million tons, a year-on-year decrease of 33% and a quarter-on-quarter decrease of 28%; pig iron production is about 7.56 million tons, a year-on-year decrease of 32%, and a quarter-on-quarter decrease of 27%.
According to data, Japan Steel made a loss of approximately US$400 million in the second quarter and a profit of approximately US$300 million in the same period last year. Japan Steel said that the new crown pneumonia epidemics have had a serious impact on steel demand. It is expected that steel demand will increase from the second half of the fiscal year 2020, but it is still difficult to return to the level before the epidemic. It is estimated that in the first half of the fiscal year 2020, Japan’s domestic steel demand will be about 24 million tons; the demand for the second half of fiscal year will be about 26 million tons, which is higher than that in the fiscal year 2019. The demand for 29 million tons in the second half of the fiscal year is 3 million tons lower.
Previously, the Ministry of Economy, Trade, and Industry of Japan predicted that the demand for steel in Japan in the third quarter was about 17.28 million tons, a year-on-year decrease of 24.3% and a quarter-on-quarter increase of 1%; crude steel production was about 17.7 million tons, a year-on-year decrease of 28%, and a quarter-on-quarter decrease of 3.2 %..
Post time: Aug-19-2020
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