Tokyo Steel Manufacturing extended its gains following last week's earnings revision. The company narrowed its first-half loss and raised its full-year outlook to a profit. Higher product shipment prices and lower iron scrap prices were behind the revision.
Tokyo Steel Manufacturing's share price has remained firm against the backdrop of the earnings forecast revision announced late last week. First-half operating results were revised slightly upward, from a previous ¥4.0 billion loss to a ¥3.5 billion loss, while the full-year forecast was revised substantially upward, from a ¥4.0 billion loss to a ¥1.0 billion profit.
The company viewed the fact that product shipment prices rose as expected while purchase prices for iron scrap, its primary raw material, came in below its previous forecast as a positive factor, and sees the outlook for a return to profitability positively.