Tokyo Steel Manufacturing remained firm with buying support today, extending the move driven by last week's earnings revision. First-half operating results showed a narrower loss, and the full-year outlook was revised to a profit.
Tokyo Steel Manufacturing extended its gains. Buying prevailed following the earnings forecast revision announced late last week, and the stock remained firm today. The first-half operating forecast was revised from a previous ¥4.0 billion loss to a ¥3.5 billion loss, while the full-year forecast was revised upward from a ¥4.0 billion loss to a ¥1.0 billion profit.
The factors behind the revision included the expected rise in product shipment prices, which proceeded as anticipated, and purchase prices for iron scrap, the company's primary raw material, coming in below expectations. These were viewed as factors supporting the outlook for a return to profitability.
Investors broadly viewed the improved outlook for a return to profitability positively, and there was speculation that short-term buying would continue.