In the third quarter of the 2023/2024 financial year, consolidated steel production totaled 10.26 million tons
Japan's Nippon Steel increased its consolidated steel production by 2.2% annually – to 10.26 million tonnes in the third quarter of fiscal year 2023/2024 (October-December 2023). This is reported by SteelMint with reference to company data.
Unbound steel supply in October-December decreased 2% quarter-on-quarter – to 7.95 million tonnes. Compared to the same period last year, this value remained in the same range.
Nippon Steel's consolidated profit in the third quarter of fiscal year 2023/2024 decreased 19% quarter-on-quarter to 198.1 billion yen ($1.32 billion). As the company noted, this value for the current fiscal year is expected to amount to approximately 800 billion yen ($5.35 billion).
According to SteelMint, the company intends to create a business structure that guarantees stable profitability even in difficult market conditions. This is the basis for the next phase of growth – achieving the strategic objective of 100 million tonnes of global steel capacity. To realize its vision of increasing global steel production capacity, the company plans to expand AM/NS India (a joint venture with ArcelorMittal) and continue mergers and acquisitions, equity participation and expansion of existing steel plants .
Nippon Steel is on track to complete its planned acquisition of US Steel by the end of September this year. The company has intensified negotiations with key stakeholders, including unions. Japan's three largest banks – Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial Group and Mizuho Financial Group – plan to grant the company a loan totaling $16 billion for its planned acquisition of the American steelmaker.
