Non-consolidated steel supplies, however, decreased by 2% quarter-on-quarter to 7.95 million tons. This figure remained the same compared to the same period last year.
In the third quarter of the 2023/2024 fiscal year, Nippon Steel's consolidated profit decreased by 19% quarter-on-quarter to 198.1 billion yen ($1.32 billion). As stated by the company, this figure is expected to be around 800 billion yen ($5.35 billion) for the current fiscal year.
Nippon Steel aims to establish a business structure that ensures stable profitability even in challenging market conditions. The company plans to expand its global steel production capacity by expanding AM/NS India (a joint venture with ArcelorMittal) and continuing with mergers and acquisitions, capital participation, and expansion of existing steel facilities.
Nippon Steel is progressing towards completing the 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 provide a total of $16 billion in credit to the company for the planned acquisition of the American steel producer.
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