Tokyo Steel Manufacturing posts record-high net sales of ¥102.8 billion. Stock price also in focus [2024 Q1 results, Japan's leading electric arc furnace steelmaker]

Net sales reached a record-high ¥102.8 billion in the fiscal 2024 first-quarter results. The company reaffirmed its position as Japan's leading electric arc furnace steelmaker and announced the introduction of a restricted stock compensation plan for executives.

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The story

Against a backdrop of steady domestic demand, Tokyo Steel Manufacturing's net sales for the first quarter of the fiscal year ending January 2024 reached ¥102.8 billion, a new record high. Demand for private-sector capital investment remained firm, and profits at every level turned higher.

The company also announced an upward revision to its earnings forecast, which may have strengthened market expectations for profit growth through the full year.

In connection with these results, the company announced plans to introduce a restricted stock compensation plan as part of executive compensation and explained that it would dispose of treasury shares by allocating 13,080 common shares.

At a glance

Revenue¥102.8 billion in the first quarter, a new record high.

TypeAchieved substantial increases in net sales and profits.

Regulatory frameworkAnnounced the introduction of a restricted stock compensation plan.

ScaleAllocate 13,080 common shares held as treasury stock.

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