Japan’s steelmaker Kobe Steel reported its net sales totaled 1.21 trillion yen in the first nine months of the fiscal year 2021, dropping by 177.7 billion yen from the same period last year, including net sales of 398.3 billion yen in the steel industry, a year-on-year decrease of 94.9 billion yen.

During the period, Kobe Steel’s net profit attributable to the owners of the parent was 3.8 billion yen, plummeting from 7.2 billion yen in the same period a year ago.

The reduction in Kobe Steel’s net sales and net profit was due to a decrease in steel output in the April-December 2020 period. However, the rebound in demand for automobiles and chips was expected to boost the firm’s performance.