Japanese steelmaker Nippon Steel logged a 25.7% decrease in operating revenue to 1.13 trillion yen (79.1 billion yuan) during April-June, it said in a quarterly report.
The firm incurred a loss of 27.51 billion yen over April-June, compared with operating profit of 60.6 billion yen a year ago.
The company suffered a loss of 42.07 billion yen for attributable shareholders, compared to net profit of 33.33 billion yen in the same period last year.
The firm's steel output tumbled to 7.2 million tonnes from April to June when manufacturing demand was dampened by the COVID-19 pandemic. This was below the quarterly output of 7.7 million tonnes seen during the 2008-09 global financial crisis.
Domestic car output in Japan increased strongly in June and is expected to further recover before end-March 2021, to prop up steel demand.
An expected revival in manufacturing industry would contribute to a slight rebound in steel output of the firm from October 2020 to March 2021, the company said. Yet steel output from April 2020 to March 2021 is estimated to slide 20% year on year to around 32 million tonnes.
(Writing by Jessie Jia Editing by Harry Huo)
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