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PrintNippon Steel & Sumitomo Metal Corp, the world’s second-biggest steelmaker, said it swung to a profit in its fiscal first half on the back of strong demand tied to post-disaster rebuilding projects in Japan.
The company said net profit was 115.58 billion yen for the six months to September, reversing a 176.66 billion yen net loss a year ago. Sales rose 39.4% to 2.67 trillion yen.
, it said.
Rising domestic demand for steel has been boosted by government rebuilding programs following Japan’s quake-tsunami disaster in 2011.
The company said that “Domestic steel demand was supported by sustained strong demand for civil engineering and construction projects underpinned by ongoing reconstruction demand and the effects of economic policies.”
It added that improving business confidence and capital investment were also lifting demand from manufacturers.
However, Nippon Steel said it faced headwinds as heavy production by Chinese mills was pushing down global steel prices.
The steelmaker, created through the merger of Nippon Steel and Sumitomo Metal last year, upgraded its operating profit forecast to 340 billion yen for the fiscal year through March 2014, up from 300 billion yen.
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