NSSC Posts Losses in April-June with Higher Materials Cost

Nippon Steel & Sumikin Stainless Steel Corporation announced on Wednesday the firm posted 1.987 billion yen of consolidated recurring loss in April-June compared with 2.684 billion yen loss in the same period of 2009. The firm couldn’t make money when nickel cost increased and stainless selling price increase was delay while planned maintenance work at Hikari plant also impacted on the results.

The sales increased by 82.2% to 64.143 billion yen in April-June from the same period of 2009 while the firm posted 1.454 billion yen of operating loss at 1.454 billion yen and 1.29 billion of net loss compared with 1.944 billion yen of operating loss and 1.862 billion yen of net loss for April-June 2009. The steel shipment increased by 77.6% to 238,000 tonnes and the averaged selling price increased by 3.1% to 265,000 yen per tonne. The steel shipment showed 16.1% increase from January-March 2010.