Japan’s major EAF steelmaker Tokyo Steel achieved all-time high profits in April-September 2022 despite rising energy and steel scrap prices, as per a SteelDaily report.
The steelmaker reported sales of JPY 178.4 billion, higher by 54% from the corresponding period last year (CPLY). Operating profit increased by 87.4% to JPY 20.6 billion which is the highest since 2006 while net profit increased by 79% to JPY 18.662 billion which is the highest since 2005.
The company’s steel sales stood at 1.52 mnt in the period under review, up by 266,000 t from the same period last year. Domestic sales increased due to strong demand.
The sales ratio by type (based on quantity) for crude steel was 48% (45% for section steel, and 3% for rebar) while that for steel plate was 52% (42% for thin plate, 10% for thick plate).
Tokyo Steel’s scrap procurement prices
SteelMint’s assessment of Tokyo Steel’s domestic scrap procurement prices for H2 grade stands at JPY 50,000/t ($343/t) delivered to Utsonumiya plant and JPY 49,000/t ($336/t) delivered to Tahara plant. Prices are higher by JPY 500/t w-o-w.
SteelMint’s assessment for Japanese H2 scrap export prices stands at JPY 49,800/t ($342/t) FOB, moving up significantly by JPY 1,800/t m-o-m.
Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.
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