- Nippon steel’s non-consolidated crude steel production rise
- POSCO Holdings crude steel production increases
Nippon Steel, JFE Holdings, ArcelorMittal, Hyundai Steel, and POSCO Holdings, major players in the global steel industry, have published their consolidated financial results for Q3CY’25 (July-September 2025). Notably, Nippon Steel, POSCO Holdings and JFE Holdings reported a rise in crude steel production for the quarter.
Nippon Steel’s non-consolidated crude steel production stood at 8.5 million tonnes (mnt) in Q2FY’25, edged up by 3% q-o-q as compared to 8.27 mnt in Q1FY’25. Furthermore, the consolidated crude steel production of the company rose sharply by 42% q-o-q to 13.48 mnt in Q2FY’25 from 9.46 mnt in previous quarter.
POSCO Holdings crude steel production in Q3CY’25 is around 8.791 mnt, up by 5% q-o-q against 8.374 mnt in Q2CY’25. In contrast, on y-o-y basis same declined by 5% y-o-y as compared to 9.234 mnt in Q3CY’24.
JFE Holdings quarterly non-consolidated crude steel output in Q2FY’25 stood at 5.52 mnt representing an increase of 5% q-o-q against 5.28 mnt in Q1FY’5. Furthermore, consolidated crude steel output in Q2FY’25 is around 5.81 mnt, up by 4% q-o-q as compared to 5.61 mnt in last quarter.
ArcelorMittal’s crude steel production in Q3CY’25 stood at 13.6 mnt, representing a drop of 6% q-o-q against 14.4 mnt in Q2CY’25.
Financial results, market overview
Nippon Steel’s revenue for Q2FY’25 (July-Sep 2025) stood at JPY 2,626.9 billion, increased by 31% q-o-q as compared to JPY 2,008.7 billion in Q1FY’25. In contrast, company’s operating profit fell sharply by 99% y-o-y to JPY 2,835 million in H1FY’25 from JPY 375,753 million in H1FY’24.
POSCO’s operating profit in Q3CY’25 stood at KRW 585 billion, increased by 14% q-o-q as compared to KRW 513 billion in Q2CY’25. The company’s revenue from steel sales in Q3CY’25 is around KRW 8,797 billion, inched down by 2% q-o-q from KRW 8,947 billion in last quarter. Increased sales volume and higher plant utilization boosted revenue and operating profit, further aided by recovering inventory valuation. New plant operation expanded sales to global customers.
JFE Holdings revenue in H1FY’25 fell by 9% y-o-y, down from JPY 2,450.7 billion in H1FY’24 to JPY 2,232.6 billion in H1FY’25.
Global demand remains sluggish, and uncertainty persists due to tariff impacts, including the addition of construction machinery to steel-related product tariffs in August. In the Construction sector, labor shortages, rising material costs, and higher interest rates continue to weigh heavily on investment and housing sentiment, resulting in overall sluggish demand.
Hyundai Steel’s consolidated revenue for Q3CY’25 stood at KRW 5,734 billion, decreasing by KRW 212 billion or 4% q-o-q from KRW 5,946 billion in Q2CY’25. However, on a y-o-y basis, revenue increased by KRW 110 billion or 2%, compared to KRW 5,624 billion in the same quarter last year
The company maintained stable operating performance despite lower revenue, supported by an improved product mix and better cost management.
Consolidated profits also saw mild fluctuations, with operating profit recorded at KRW 93 billion, down KRW 9 billion q-o-q from KRW 102 billion, but up KRW 41 billion y-o-y. Net profit stood at KRW 18 billion, falling KRW 19 billion q-o-q, yet improving KRW 34 billion y-o-y.
Hyundai Steel’s non-consolidated revenue for Q3CY’25 reached KRW 4,533 billion, registering a decline of KRW 147 billion or 3% q-o-q from KRW 4,680 billion in Q2CY’25. On a y-o-y basis, the figure increased by KRW 70 billion or 2%, compared to KRW 4,463 billion in Q3CY’24.
Non-consolidated operating profit improved significantly, rising to KRW 47 billion, up KRW 54 billion q-o-q, and KRW 15 billion y-o-y. The improvement came mainly from enhanced product sales mix and benefit from lower raw material costs.
ArcelorMittal’s operating income for Q3CY’25 stood at $544 million, declining sharply by $1,388 million q-o-q from $1,932 million in Q2CY’25. Similarly, on a y-o-y basis, operating income fell by $119 million compared with $663 million in Q3CY’24.
ArcelorMittal’s operating income dropped mainly because Q2CY’25 had benefited from significant one-time exceptional gains, including a $1.7 billion gain from the consolidation of AM/NS Calvert, which boosted the previous quarter’s results. Additionally, the quarter faced seasonally weaker steel shipments, lower steel prices in some regions, and reduced iron ore shipments from the Mining segment.
Outlook
Global steel demand remains sluggish and highly uncertain, driven by expanding trade tariffs, including recent additions to construction machinery, and persistent weakness in the construction sector due to high costs and labor shortages. While major steelmakers like Nippon Steel, POSCO, and JFE Holdings reported increases in crude steel production for the quarter, the financial environment is challenging, with revenue declines recorded by several players. The market outlook continues to be defined by the need to closely monitor how ongoing global trade tensions and high operating costs impact future activity levels and steel demand.
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