OREANDA-NEWS. Nippon Steel & Sumitomo Metal Corporation consolidated results forecast for the first half of fiscal 2013 are for net sales of 2,700 billion yen, ordinary profit of 150 billion yen, and net income of 100 billion (?11.00 net profit per share). The Company’s consolidated results forecast for fiscal 2013 are for ordinary profit of more than ?300 billion.

During the term under review, domestic steel demand was strong for civil engineering and construction projects supported by the emergence of reconstruction demand and the effects of economic policies. Export activity also started picking up due to a recovery in some foreign economies, particularly in the ASEAN region, and a correction in the value of the yen from its excessively high level. At the same time, the continued high level of production at Chinese steelmakers led to deteriorating supply and demand conditions for steel materials in the international market.

In these conditions, Nippon Steel & Sumitomo Metal Corporation (NSSMC or the Company) strived to maximize cost improvements, including realizing integration effects, and sought to revise product prices with the understanding and cooperation of its customers. The steelmaking and steel fabrication segment recorded net sales of ?1,142.7 billion and ordinary profit of ?75.7 billion.

The Company posted first-quarter consolidated net sales of ?1,286.8 billion, operating profit of ?56.0 billion, ordinary profit of ?86.4 billion, and net income of ?63.3 billion.