Exposure to Stainless Steel Price Fluctuations
First written in FY2016. 15 of 39 entries say "Mitigated", first in FY2017-Q3. Latest entry: 2026-08-07.
Uex moved to the "Worse" side of this theme in 2024, 3 years after the typical company in this theme (2021).
The whole theme swung hardest in 2021: 3 of 6 companies on the "Worse" side.
0 other companies' latest entry also says "Materialised".
- 2026-08-07MaterialisedRevisions to the earnings forecast
「主力事業であるステンレス鋼その他金属材料の販売事業において、ニッケル価格が昨年末から高騰したことに加え為替が円安傾向に推移していることによりステンレス鋼メーカーは大幅な値上げを発表しており、市場では先高感が台頭したため駆け込み需要が発生しました。」
ニッケル価格、為替、メーカーの値上げが市場の先高感と駆け込み需要につながり、価格変動の影響が業績予想に現れた。下期は足元のニッケル価格が軟調に推移していることを踏まえ、下期計画を据え置いている。 - FY2026MaterialisedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 8.4% and selling prices declined 1.3% from the previous fiscal year. In addition, consolidated subsidiaries performed sluggishly, particularly in sales to retail customers. As a result, net sales declined 1.5% to ¥47,392 million. Operating profit declined 28.4% to ¥1,204 million due to a lower gross profit margin, among other factors.」
The decline in sales volume, selling prices and gross profit margin has made the earnings impact of price volatility and inventory holdings evident in the full-year results. - FY2026-H1MaterialisedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 5.6% and selling prices fell 1.0% from the previous interim period. The consolidated subsidiaries also remained soft, particularly in over-the-counter sales. As a result, revenue declined 2.1% to ¥23,402 million. Operating profit declined 32.8% to ¥517 million due to the lower gross profit margin, among other factors.」
Both sales volume and selling prices declined, reducing operating profit in the sales business by 32.8% through a decline in the gross profit margin. The impact of price volatility on performance is now evident in the results. - FY2025MaterialisedAnnual report
「In standalone UEX stainless steel sales, sales volume increased 3.7% from the previous fiscal year, but selling prices declined 2.6%. …Operating profit declined 17.4% to ¥1,682 million due to the lower gross profit margin.」
Although sales volume increased, selling prices declined 2.6%, and operating profit fell 17.4% through the lower gross profit margin. The impact of stainless steel price fluctuations and inventory holdings materialized in full-year results. - FY2025-H1MaterialisedAnnual report
「In standalone UEX stainless steel sales, sales volume increased 2.1% from the previous interim period, but selling prices declined 5.2%. The consolidated subsidiaries also remained soft, particularly in over-the-counter sales. As a result, revenue declined 6.9% to ¥23,895 million. Operating profit declined 40.9% to ¥769 million due to the lower gross profit margin.」
Selling prices declined 5.2%, and operating profit fell 40.9% due to the lower gross profit margin. The impact of stainless steel price fluctuations on results has materialized in actual performance. - FY2024MaterialisedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 1.0% from the previous fiscal year, but sales volume declined 4.5%. The consolidated subsidiaries also remained soft, particularly in over-the-counter sales and semiconductor-related products. As a result, revenue declined 3.3% to ¥50,182 million. Operating profit declined 51.1% to ¥2,037 million due to the lower gross profit margin resulting from higher inventory carrying values, in addition to lower revenue.」
Selling prices rose 1.0%, while sales volume declined 4.5%, and operating profit fell 51.1%, compounded by the lower gross profit margin resulting from higher inventory carrying values. The impact of price and inventory fluctuation risks on results materialized over the full fiscal year. - FY2024-Q3MaterialisedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 2.9% from the first nine months of the previous year, but sales volume declined 6.4%. The consolidated subsidiaries also remained soft, particularly in over-the-counter sales and semiconductor-related products. As a result, revenue declined 1.4% to ¥38,601 million. Operating profit declined 44.1% to ¥1,851 million due to the lower gross profit margin resulting from higher inventory carrying values, in addition to lower revenue.」
Although selling prices rose 2.9%, sales volume declined 6.4%, and operating profit fell 44.1%, compounded by the lower gross profit margin resulting from higher inventory carrying values. The impact of price and inventory fluctuation risks on results has materialized. - FY2024-Q2MaterialisedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 9.0% from the first six months of the previous year, but sales volume declined 12.1%. The consolidated subsidiaries also performed poorly, particularly in over-the-counter sales and semiconductor-related products. As a result, revenue declined 1.6% to ¥25,679 million. Operating profit declined 40.8% to ¥1,301 million due to the lower gross profit margin resulting from higher inventory carrying values, in addition to lower revenue.」
Although selling prices rose 9.0%, sales volume declined 12.1%, and operating profit fell 40.8%, compounded by the lower gross profit margin resulting from higher inventory carrying values. The impact of price and inventory fluctuation risks on results has materialized. - FY2024-Q1MaterialisedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 17.8% from the first three months of the previous year, but sales volume declined 20.3%. The consolidated subsidiaries also performed poorly, particularly in over-the-counter sales and semiconductor-related products. As a result, revenue declined 1.9% to ¥12,975 million. Operating profit declined 37.8% to ¥727 million due to the lower gross profit margin resulting from higher inventory carrying values, in addition to lower revenue.」
Although selling prices rose 17.8%, sales volume declined 20.3%, and operating profit fell 37.8% due to a lower gross profit margin resulting from higher inventory carrying values. Price and inventory fluctuation risks have materialized in actual results. - FY2023Profit improved through price pass-through, but inventory risk increasedAnnual report
「In this business, costs are rising and inventory risk is increasing as demand trends downward. The immediate challenge is to adjust inventory in line with sales volume and maintain it at an appropriate level. Continuing to revise selling prices in response to purchase prices is also an ongoing challenge.」
Selling-price revisions in response to purchase prices increased operating profit from the sales business to 2.2 times the prior-period level, while declining demand and higher costs increased inventory risk. Inventory adjustment and price revisions were explicitly identified as ongoing challenges. - FY2023-Q3MitigatedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 6.2% from the first nine months of the previous year, but selling prices rose 31.8%. In addition, the consolidated subsidiaries performed well, particularly in over-the-counter sales and semiconductor-related products. Revenue increased 23.0% to ¥39,155 million. Operating profit was ¥3,310 million, 2.7 times the level in the first nine months of the previous year, as the gross profit margin rose following selling-price revisions in response to higher purchase prices.」
Selling prices rose 31.8% year on year, and selling-price revisions in response to higher purchase prices increased the gross profit margin. Although sales volume declined, operating profit was 2.7 times higher, and the impact of price fluctuations did not directly worsen profit during the quarter. - FY2023-Q2MitigatedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 30.2% and sales volume increased 1.8% from the first six months of the previous year. In addition, the consolidated subsidiaries performed well, particularly in over-the-counter sales and semiconductor-related products. As a result, revenue increased 30.6% to ¥26,084 million. Operating profit was ¥2,198 million, 3.8 times the level in the first six months of the previous year, as the gross profit margin rose following selling-price revisions in response to higher purchase prices.」
Selling-price revisions in response to higher purchase prices increased the gross profit margin, and operating profit rose to 3.8 times the prior-year level alongside higher selling prices and volume. Although price fluctuation risk remains, the disclosure does not state that higher prices directly worsened profit during the quarter. - FY2023-Q1MitigatedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 26.2% and sales volume increased 13.3% from the first quarter of the previous fiscal year. In addition, consolidated subsidiaries performed well, particularly in semiconductor-related markets. As a result, net sales increased 36.6% to ¥13,225 million. Operating profit increased 4.9 times to ¥1,168 million as the gross profit margin rose following revisions to selling prices.」
The company proceeded with selling-price revisions during a period of rising selling prices, increasing the gross profit margin. Revenue and operating profit also improved as selling prices and volume increased, and there was no indication that price fluctuations directly worsened profit. - FY2022MitigatedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 8.6% and sales volume increased 14.6% from the previous fiscal year. In addition, the consolidated subsidiaries performed well in over-the-counter sales and semiconductor-related products. Revenue was ¥43,625 million. Operating profit was ¥1,923 million, 7.8 times the previous fiscal year's level, as the gross profit margin rose following efforts to revise selling prices in response to purchase prices.」
The company proceeded with selling-price revisions during a period of rising prices. Operating profit improved as selling prices and volume increased and the gross profit margin rose. Although price fluctuation risk remains, the disclosure does not state that price fluctuations directly worsened profit during the period. - FY2022-Q3MitigatedAnnual report
「For UEX's standalone stainless steel sales, selling prices rose 6.6% and sales volume increased 15.1% from the third quarter of the previous fiscal year. In addition, retail sales and sales to the semiconductor-related sector remained strong at the consolidated subsidiaries, among other factors. Revenue was ¥31,840.720 million, compared with ¥35,162.301 million in the third quarter of the previous fiscal year, and operating profit was ¥1,210.488 million, compared with ¥101.750 million.」
Stainless steel selling prices increased 6.6% year on year, and sales volume also increased 15.1%. Operating profit rose from ¥102 million in the prior-year period to ¥1,210 million, and the quarter showed no indication that price fluctuations directly worsened profit. - FY2022-Q2MitigatedAnnual report
「For UEX's standalone stainless steel sales, selling prices rose 2.0% and sales volume increased 12.9% from the same period of the previous fiscal year. In addition, retail sales and sales to the semiconductor-related sector remained strong at the consolidated subsidiaries, among other factors. Revenue was ¥19,966.617 million, compared with ¥22,989.114 million in the second quarter of the previous fiscal year, and operating profit was ¥578.812 million, compared with ¥94.408 million.」
Selling prices increased 2.0%, sales volume increased 12.9%, and operating profit rose from ¥94 million in the prior-year period to ¥579 million. Although revenue declined due to the revenue recognition accounting standard, the disclosure does not state that price fluctuations directly worsened profit during the quarter. - FY2022-Q1Volume and gross profit improved despite lower pricesAnnual report
「In standalone UEX stainless steel sales, selling prices declined 2.1% from the first three months of the previous year, but sales volume increased 4.7%. In addition, over-the-counter sales and semiconductor-related products at the consolidated subsidiaries recovered, among other factors. Revenue was ¥9,679 million, compared with ¥12,068 million in the first three months of the previous year. Operating profit was ¥240 million, compared with ¥125 million, due to a higher gross profit margin and lower SG&A expenses, among other factors.」
Although selling prices declined 2.1%, sales volume increased 4.7%, and operating profit rose from ¥125 million in the prior-year period to ¥240 million due to the higher gross profit margin, among other factors. Although price fluctuation risk remains, the disclosure does not state that lower prices directly worsened earnings. - FY2021WorsenedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 2.0% from the previous fiscal year, but sales volume declined 18.8%. …Operating profit declined 71.1% to ¥247 million, as the substantial decline in sales volume outweighed the decrease in SG&A expenses resulting from restrictions on operating activities due to the spread of an infectious disease.」
Although prices rose 2.0%, volume declined 18.8%, and operating profit from the sales business fell 71.1%. In addition to price fluctuation and inventory-holding risks, deterioration in earnings due to lower demand volume has emerged. The company states that inventory management will be analyzed and reviewed at inventory adjustment meetings. - FY2021-Q3Profit plunged despite higher prices as volume declinedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 1.6% from the first nine months of the previous year, but sales volume declined 19.4%. In addition, order volumes for projects also trended downward.」
Selling prices rose 1.6%, but sales volume declined 19.4% and order volumes also trended downward. The decline in volume and demand, rather than falling prices, emerged as a factor behind the deterioration in earnings from the sales business. - FY2021-Q2WorsenedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 3.7% from the first six months of the previous year, but sales volume declined 18.8%. The consolidated subsidiaries also performed poorly in over-the-counter sales and semiconductor-related products, among other factors, resulting in lower sales volume. Revenue declined 9.9% to ¥22,989 million. Although the gross profit margin increased, operating profit declined 78.9% to ¥94 million due to the substantial decrease in sales volume and higher SG&A expenses.」
Selling prices rose 3.7%, while sales volume declined 18.8%, revenue fell 9.9%, and operating profit fell 78.9%. Although the gross profit margin increased, the substantial decline in sales volume and higher SG&A expenses worsened the earnings impact of price and market fluctuations. The risk has materialized in actual results. - FY2021-Q1WorsenedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 5.4% from the first three months of the previous year, but sales volume declined 15.6%. In addition, the consolidated subsidiaries performed poorly in over-the-counter sales and semiconductor-related products, among other factors, resulting in lower sales volume.」
Selling prices rose 5.4%, while sales volume declined 15.6%, and over-the-counter sales and semiconductor-related products were sluggish. Fluctuations in prices and market conditions affected sales volume and earnings. - FY2020WorsenedAnnual report
「This business holds inventories of products, with sales from inventory accounting for 48.9% of revenue. Consequently, a sharp decline in stainless steel prices may cause the gross profit margin on sales to fall substantially. Accordingly, fluctuations in future stainless steel prices may affect our corporate group's operating results and financial position.」
Against a backdrop of a 48.9% inventory-sales ratio, the risk of a sharp decline in the gross profit margin when stainless steel prices fall rapidly was specifically identified. In actual results, operating profit from the sales business declined 30.2% due to lower sales volume and a lower gross profit margin. - FY2020-Q3WorsenedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 0.7% from the first nine months of the previous year, but sales volume declined 6.4%. The consolidated subsidiaries also performed poorly in semiconductor-related products, among other factors, resulting in lower sales volume. Revenue nevertheless increased 13.1% to ¥40,972 million, as 2 consolidated subsidiaries newly joined the group in August of the previous year. Operating profit declined 28.6% to ¥755 million due to a lower gross profit margin.」
Although selling prices rose 0.7%, sales volume declined 6.4%, and operating profit fell 28.6% due to a lower gross profit margin. Revenue increased following the addition of consolidated subsidiaries, but the impact of price and market fluctuations on earnings has re-emerged. - FY2020-Q2WorsenedAnnual report
「For standalone UEX, stainless steel sales volume declined 3.6% and selling prices fell 0.3% from the first six months of the previous year. The consolidated subsidiaries also performed poorly in semiconductor-related products, among other factors, resulting in lower sales.」
Sales volume declined 3.6% and selling prices also fell 0.3%. The trend shifted from the modest price increase seen in the previous quarter to a price decline, worsening the impact of price and market fluctuations on the sales business. - FY2020-Q1WorsenedAnnual report
「In standalone UEX stainless steel sales, selling prices rose 0.6% from the first three months of the previous year, but sales volume declined 5.8%. The consolidated subsidiaries also performed poorly, particularly in semiconductor-related products. As a result, revenue declined 1.2% to ¥11,276 million. Operating profit declined 56.2% to ¥202 million, due to a lower gross profit margin and higher selling, general and administrative expenses.」
Selling prices rose only slightly, by 0.6%, while sales volume declined 5.8%. Operating profit from the sales business declined 56.2% due to a lower gross profit margin and higher SG&A expenses, and the impact of price and market fluctuations on results has re-emerged. - FY2019MitigatedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 1.7% and selling prices rose 4.5% from the previous fiscal year. In addition, consolidated subsidiaries performed well, particularly in semiconductor-related markets. As a result, net sales increased 5.4% to ¥47,524 million.」
Although sales volume declined, selling prices rose 4.5% and revenue from the sales business increased 5.4%. The previous earnings pressure from falling prices was not evident during the period, and the impact of price fluctuation risk has eased. - FY2019-Q3MitigatedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 0.3% from the prior-year period, but selling prices rose 7.1%. In addition, the consolidated subsidiaries performed well, particularly in semiconductor-related products. As a result, revenue increased 8.6% to ¥36,211 million. Operating profit increased 8.2% to ¥1,058 million, as higher selling prices increased revenue.」
Although sales volume declined 0.3%, selling prices rose 7.1%, while revenue and operating profit increased 8.6% and 8.2%, respectively. The previous earnings pressure from falling prices was not evident during the quarter. - FY2019-Q2MitigatedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 4.3% from the prior-year period, but selling prices rose 8.1%. In addition, the consolidated subsidiaries performed well, particularly in semiconductor-related products. As a result, revenue increased 5.4% to ¥22,881 million. Operating profit increased 10.6% to ¥727 million, as higher selling prices increased revenue.」
Although sales volume declined 4.3%, selling prices rose 8.1%, while revenue and operating profit increased 5.4% and 10.6%, respectively. The previous earnings pressure from falling prices was not evident during the quarter. - FY2019-Q1MitigatedAnnual report
「In standalone UEX stainless steel sales, sales volume declined 2.0% from the first three months of the previous year, but selling prices rose 8.9%. In addition, the consolidated subsidiaries performed well, particularly in semiconductor-related products. As a result, revenue increased 9.0% to ¥11,412 million. Operating profit increased 53.0% to ¥461 million, as the gross profit margin rose following efforts to focus on sales from inventory.」
Although sales volume declined 2.0%, selling prices rose 8.9%, while revenue and operating profit increased 9.0% and 53.0%, respectively. The previous earnings pressure from falling prices was not evident during the quarter, and the impact of price fluctuations on results has eased. - FY2018MitigatedAnnual report
「In stainless steel sales, sales volume increased 5.6% and selling prices rose 7.5% from the previous fiscal year, among other factors. Revenue therefore increased 16.9% to ¥45,101 million. Operating profit was ¥1,322 million, 2.2 times the previous fiscal year's level, due to higher sales volume from inventory and an increased gross profit margin.」
Selling prices increased 7.5% year on year, revenue rose 16.9%, and operating profit was 2.2 times higher. The previous earnings pressure from falling prices was not evident during the year, and the impact on results has eased. - FY2018-Q3MitigatedAnnual report
「In stainless steel sales, sales volume increased 7.6% and selling prices rose 7.5% from the first nine months of the previous fiscal year, among other factors, causing net sales to increase 18.2% to ¥33,354 million. Operating profit increased 2.8 times to ¥978 million, as the gross profit margin on inventory sales rose in addition to increased volume.」
Selling prices increased 7.5% year on year, revenue increased 18.2%, and operating profit was 2.8 times higher. The previous earnings pressure from falling prices was not evident during the quarter, and the impact of price fluctuation risk on results has eased. - FY2018-Q2MitigatedAnnual report
「In stainless steel sales, sales volume increased 9.5% and selling prices rose 6.7% from the cumulative second quarter of the previous fiscal year, resulting in an 18.2% increase in sales revenue to ¥21,707.988 million.」
Selling prices increased 6.7% year on year, and revenue increased 18.2%. The previous earnings pressure from falling prices was not evident during the quarter, and the impact of price fluctuation risk on results has eased from the prior period. - FY2018-Q1MitigatedAnnual report
「As a result of continued efforts to revise selling prices in response to market conditions, the gross profit margin increased. Operating profit was ¥325 million, 13.9 times the level in the first three months of the previous year, while ordinary profit was ¥341 million, 95.4 times that level.」
Revising selling prices in response to market conditions increased the gross profit margin, improving the impact of price fluctuations on profit from the prior-year period. However, the disclosure does not state that the price fluctuation risk itself has disappeared. - FY2017-Q3MitigatedAnnual report
「In stainless steel sales, sales volume increased 2.2% from the first nine months of the previous fiscal year, but lower selling prices, down 6.2%, among other factors, caused net sales to decline 5.4% to ¥28,214 million. Operating profit declined 2.3% to ¥344 million.」
Selling prices declined 6.2% year on year. Although the decline narrowed from 7.2% in the previous quarter, the impact of lower prices on revenue and operating profit remains evident. - FY2017-Q2WorsenedAnnual report
「Although sales volume of stainless steel increased 2.4% from the first six months of the previous second quarter, sales prices fell 7.2%, among other factors. As a result, revenue declined 6.9% to ¥18,364 million and operating profit declined 24.3% to ¥151 million.」
Although sales volume increased, the decline in selling prices widened to 7.2% year on year from 5.2% at the time of the previous quarterly report. The impact of price fluctuations reduced both revenue and operating profit. - FY2017-Q1MaterialisedAnnual report
「In stainless steel sales, sales volume increased 0.4% from the cumulative first quarter of the previous fiscal year, but sales revenue decreased 7.3% to ¥9,132.221 million, and operating profit decreased 77.2% to ¥19.957 million, mainly because selling prices fell 5.2%.」
Stainless steel selling prices declined 5.2% year on year, resulting in lower revenue and operating profit. The factors underlying the impact of stainless steel price fluctuation risk actually emerged during the quarter. - FY2016First statedAnnual report
「Accordingly, fluctuations in future stainless steel prices may affect our corporate group's operating results and financial position. Stainless steel prices fluctuate depending on domestic and overseas supply and demand trends for stainless steel, as well as trends in the prices of raw materials such as nickel and ferrochrome.」
Given its dependence on its core business and stainless steel sales, price fluctuations are identified as a material risk.