Tokyo Steel, Japan's largest short-flow mill, decided to reduce its sales forecast for the current fiscal year, taking into account factors such as the appreciation of the yen.
In the first quarter of this financial year (between April and June 2011), Tokyo Steel achieved a profit of 25.6 million yen, compared to a loss of 1.76 billion yen in the same period of last year. Due to the increase in steel prices and the increase in shipments, Tokyo Steel’s sales revenue in the first quarter of the fiscal year reached 46.96 billion yen, a year-on-year increase of 19.9%. In releasing the financial statements for the first quarter, Tokyo Steel also lowered its fiscal year revenue forecast from 210 billion yen to 202.0 billion yen. Tokyo Steel stated that although post-disaster reconstruction can largely drive demand for construction steel in the second quarter of fiscal year, the strong upward trend of the yen will offset the profitability of steel prices. In addition, Tokyo Steel will continue to seek ways to reduce operating costs.
From April to June, the average price of Tokyo steel products increased from 70,400 yen/ton to 73,400 yen/ton, and the shipment volume increased from 5.5 million tons to 6.37 million tons. Tokyo Steel said that neither steel sales prices nor scrap prices have reached the expected height.
According to Tokyo Steel’s latest scrap transaction price, scrap prices sent to its Kyushu factory and Heida original last week fell by more than 500 yen per ton, which is the third-degree adjustment of scrap purchase prices by Tokyo Steel in the past week.
In the first quarter of this financial year (between April and June 2011), Tokyo Steel achieved a profit of 25.6 million yen, compared to a loss of 1.76 billion yen in the same period of last year. Due to the increase in steel prices and the increase in shipments, Tokyo Steel’s sales revenue in the first quarter of the fiscal year reached 46.96 billion yen, a year-on-year increase of 19.9%. In releasing the financial statements for the first quarter, Tokyo Steel also lowered its fiscal year revenue forecast from 210 billion yen to 202.0 billion yen. Tokyo Steel stated that although post-disaster reconstruction can largely drive demand for construction steel in the second quarter of fiscal year, the strong upward trend of the yen will offset the profitability of steel prices. In addition, Tokyo Steel will continue to seek ways to reduce operating costs.
From April to June, the average price of Tokyo steel products increased from 70,400 yen/ton to 73,400 yen/ton, and the shipment volume increased from 5.5 million tons to 6.37 million tons. Tokyo Steel said that neither steel sales prices nor scrap prices have reached the expected height.
According to Tokyo Steel’s latest scrap transaction price, scrap prices sent to its Kyushu factory and Heida original last week fell by more than 500 yen per ton, which is the third-degree adjustment of scrap purchase prices by Tokyo Steel in the past week.
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