Nippon Steel to produce 35 million tons of steel in the 2023/2024 fiscal year

In the 2023/2024 financial year, the Japanese steel corporation Nippon Steel plans to produce approximately 35 million tons of steel and forecasts the supply of steel products at the level of about 32 million tons. SteelOrbis informs about it.

In the 2022/2023 fiscal year (ended March 31), the company, according to its report, reduced steel production volumes by 11.4% year-on-year – to 34.25 million tons. The supply of steel products in this period fell by 11.5% y/y – to 31.47 million tons.

Nippon Steel’s net profit in the 2023/2024 financial year was 694 billion yen ($5.06 billion). In the previous fiscal year, this indicator was 637.3 billion yen ($4.65 billion). Net sales increased by 17.1% y/y – up to 7.97 trillion yen ($58.2 billion).

The Japan Steel Corporation has also decided to begin research on the transition from blast furnace steel production to electric arc furnace (EAF) production, selecting the Setouchi Works and Kyushu Works as sites. In addition, a small EAF will be installed at the Hasaki R&D Center, with testing beginning in the current fiscal year.

As GMK Center reported earlier, Nippon Steel is considering a major investment in a green steel project outside its domestic market. Possible sites for the new plant could be Australia or Brazil. High quality iron ore and cheaper electricity are available in these countries. Nippon Steel is currently comparing several projects to understand if there is one that could meet the conditions of production or investment in green steel.