Nippon Steel sees seamless pipe business back in profit thanks to increased gas drilling

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TOKYO : Nippon Steel Corp, the world's No.5 steelmaker, expects its seamless pipe business will return to a profit this year from a loss last year as gas drilling activity is on the rise to meet higher demand for non-Russian fuel.'We are getting an increasing number of inquiries for seamless pipes as dema

TOKYO : Nippon Steel Corp, the world's No.5 steelmaker, expects its seamless pipe business will return to a profit this year from a loss last year as gas drilling activity is on the rise to meet higher demand for non-Russian fuel.

Japan's leading steelmaker is among the world's top makers of high-end seamless pipes used for drilling oil and gas. Nippon could also find increased sales opportunities as a result of Russia and Ukraine being unable to export as much pig iron and semi-finished steel products, Mori said, before adding a cautionary note.

The strong performance stemmed from demand improving after a slump caused by the pandemic, and from Nippon Steel's ability to pass on soaring materials costs to key customers such as automakers.

 

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