Several issues weighed on Nippon Steel during the year, including an extended suspension of operations at its Muroran Works location in Hokkaido, Japan, following a December fire reported by Argus Media. No injuries were reported at the time. The plant had just resumed normal operations in late November following repairs from a slag leak in September.
In total, the Hokkaido disruptions reduced Nippon Steel’s underlying business profit by 50 billion yen ($316.9 million) for the year. The company also faced global steel market “deterioration” beyond initial expectations, driven in part by a flood of low-priced steel exports from China, according to its latest earnings presentation. Meanwhile, Nippon Steel is investing heavily in the U.S. for long-term growth.
“The U.S. steel market is overwhelmingly large globally,” with a current estimated demand of 150 million tons and potential for future market growth, Tadashi Imai, representative director, president and COO of Nippon Steel, said in a statement Wednesday.
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