Flash Report
Consolidated Basis
Results for the First Quarter of Fiscal 2021
(April 1, 2021―June 30, 2021)＜under IFRS＞
August 3, 2021
Nippon Steel Corporation
Tokyo, Nagoya, Sapporo, Fukuoka stock exchanges
5401
https://www.nipponsteel.com/en/index.html
Eiji Hashimoto, Representative Director and President
Shinnosuke Arita, General Manager, Public Relations Center+81-3-6867-2135, 2146, 2977, 3419
August 6, 2021
Yes
Yes (for investment analysts)

Company name:
Stock listing:Code number:
URL:
Representative:
Contact:
Telephone:
Scheduled date to submit Securities Report:
Scheduled date to pay dividends:
Preparation of supplemental explanatory materials:
Holding of quarterly financial results meeting:(All amounts have been truncated to the nearest millions of Japanese yen.)

1. Consolidated Operating Results and Financial Position through the First Quarter of Fiscal 2021
(April 1, 2021―June 30, 2021)(1) Consolidated Operating Results (Accumulated)(Percentage figures are changes from the same period of the previous fiscal year.)
RevenueFirst quarter of Fiscal 2021

Millions ofyen
1,503,151

First quarter of Fiscal 2020

1,131,604

Business profit (*)

32.8

Millions ofyen
217,024(25.7)(27,510)%

Operating profit―

Millions ofyen
256,341―(27,510)%

Profit attributable toowners of the parent

Total comprehensive
incomeMillions ofyen%Millions ofyen%First quarter of Fiscal 2021

162,129―

234,367

First quarter of Fiscal 2020

(42,071)―(91,911)

Profit before
income taxes―

Millions ofyen
250,382―(32,577)%

Profit―Millions ofyen
172,306―(41,422)%

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

―

176.08――(45.69)―%――(*)Business Profit on Consolidated Statements of Profit or Loss indicates the results of sustainable business activities, and is an importantmeasure to compare and evaluate the Company’s consolidated performance continuously. It is defined as being deducted Cost of sales,
Selling, general and administrative expenses and Other operating expenses from Revenue, and added Share of profit in investments
accounted for using the equity method and Other operating income. Other operating income and expenses are composed mainly of
Dividend income, Foreign exchange gains or losses, Loss on disposal of fixed assets.

(2) Consolidated Financial Position
Total assets

Total equity

Total equity attributable toowners of the parent

Ratio of total equity
attributable to owners of theparent to total assets

Millions of yen

Millions of yen

Millions of yen%

First quarter of Fiscal 2021

7,753,035

3,353,326

2,971,911

38.3

Fiscal 2020

7,573,946

3,131,387

2,759,996

36.4

2. Dividends
Dividends per share
End of first quarterEnd of second quarterEnd of third quarterEnd of fiscal year

Fiscal year

Yen

Yen

Yen

Yen

Yen

Fiscal 2020

―

0.00

―

10.00

10.00

Fiscal 2021

―
55.00

―

―

―

Fiscal 2021 (Forecasts)

Notes: 1. Whether the dividends forecasts have been revised: Yes

3. Consolidated Financial Forecasts for Fiscal 2021 (April 1, 2021―March 31, 2022)
Revenue
Millions of yen（Percentage figures are changes from the same period of the previous fiscal year.）
Profit attributable to
Basic earnings per shareowners of the parent
Millions of yen%
Millions of yen%
Yen
Business profit%

First half of Fiscal 2021

3,100,000

38.3

350,000―

200,000―

217.00Fiscal 2021

6,500,000

34.6

600,000

445.2

370,000―

402.00Notes: 1. Whether the consolidated financial forecasts for fiscal 2021 under review have been revised: Yes* Notes(1) Changes in significant subsidiaries during the period: None
(2) Changes in accounting policies and changes in accounting estimates(a) Changes in accounting policies required by IFRS: None(b) Changes other than those in (a) above: None(c) Changes in accounting estimates: None
(3) Number of shares outstanding (common shares)(a) Number of shares outstanding at the end of the period (including treasury stock)
First quarter of Fiscal 2021
950,321,402 sharesFiscal 2020
950,321,402 shares(b) Number of treasury stock at the end of the period
First quarter of Fiscal 2021
29,553,811 sharesFiscal 2020
29,564,533 shares(c) Weighted average number of shares outstanding
First quarter of Fiscal 2021
920,762,338 sharesFirst quarter of Fiscal 2020
920,681,631 shares* This quarterly flash report is not subject to quarterly review procedures.
* Explanation of the appropriate use of performance forecasts and other related items(Explanation of the appropriate use of performance forecasts)
The forward-looking statements included in this flash report are based on the assumptions, forecasts, and plans of the Company as of thedate on which this document is made public. The Company’s actual results may differ substantially from such statements due to various
risks and uncertainties.

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

Index of Attached Documents
Quarterly Condensed Consolidated Financial Statements and Major Notes....................................................................2(1) Quarterly Condensed Consolidated Statements of Financial Position ....................................................................2(2) Quarterly Condensed Consolidated Statements of Profit or Loss andQuarterly Condensed Consolidated Statements of Comprehensive Income ...........................................................4(3) Quarterly Condensed Consolidated Statements of Changes in Equity ....................................................................5(4) Notes to the Quarterly Condensed Consolidated Financial Statements ..................................................................7(Going Concern Assumption) ...............................................................................................................................7(Segment Information) .........................................................................................................................................7

1

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

Quarterly Condensed Consolidated Financial Statements and Major Notes(1) Quarterly Condensed Consolidated Statements of Financial Position(Millions of Yen)
March 31, 2021

ASSETS
Current assets :Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets

June 30, 2021

359,465
805,306
1,349,355
27,772
130,786

381,530
751,461
1,449,923
33,538
181,680

2,672,686

2,798,135

2,954,938
88,55946,341
95,826817,328
628,226
110,396
153,123
6,519

2,989,635
84,674
47,111
114,589
846,063
588,476
115,389
162,614
6,344

Total non-current assets

4,901,260

4,954,899

Total assets

7,573,946

7,753,035

Total current assets
Non-current assets :Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Investments accounted for using the equity method
Other financial assets
Defined benefit assets
Deferred tax assets
Other non-current assets2

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

(Millions of Yen)
March 31, 2021

LIABILITIES

June 30, 2021

Current liabilities :Trade and other payables
Bonds, borrowings and lease liabilities
Other financial liabilities
Income taxes payable
Other current liabilities

1,382,761
308,985
1,250
24,25654,0771,300,208
377,194
1,351
93,282
44,295

Total current liabilities

1,771,331

1,816,332

Non-current liabilities :Bonds, borrowings and lease liabilities
Other financial liabilities
Defined benefit liabilities
Deferred tax liabilities
Other non-current liabilities

2,250,246
4,784
189,453
37,385
189,358

2,158,131
5,544
183,815
39,459196,425

Total non-current liabilities

2,671,228

2,583,375

Total liabilities

4,442,559

4,399,708

419,524
393,168
1,910,333(58,342)
95,311

419,524
393,257
2,081,017(58,337)
136,448

2,759,996

2,971,911

371,390

381,415

Total equity

3,131,387

3,353,326

Total liabilities and equity

7,573,946

7,753,035

EQUITY
Common stock
Capital surplus
Retained earnings
Treasury stock
Other components of equity
Total equity attributable to owners of the parent
Non-controlling interests3

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

(2) Quarterly Condensed Consolidated Statements of Profit or Loss andQuarterly Condensed Consolidated Statements of Comprehensive Income
Quarterly Condensed Consolidated Statements of Profit or Loss
First quarter of
Fiscal 2020
Revenue
Cost of sales
Gross profit(Millions of Yen)First quarter of
Fiscal 2021

1,131,604(1,040,808)
90,796

1,503,151(1,218,685)
284,465

Selling, general and administrative expenses
Share of profit in investments accounted for using the equity method
Other operating income
Other operating expenses
Business profit (loss)(121,386)
14,74813,243(24,912)(27,510)(130,629)
39,31632,968(9,096)217,024

Gains and Losses on reorganization
Operating profit (loss)―(27,510)39,317
256,341

Finance income
Finance costs
Profit (loss) before income taxes

971(6,038)(32,577)505(6,463)250,382

Income tax expense
Profit (loss)(8,844)(41,422)(78,076)
172,306

Profit (loss) attributable to :Owners of the parent
Non-controlling interests(42,071)648

162,129
10,177

Earnings (loss) per share
Basic earnings (loss) per share (Yen)(45.69)176.08First quarter of
Fiscal 2020
(41,422)(Millions of Yen)First quarter of
Fiscal 2021
172,306

15,483(5,668)

10,543

7,640

6,079

84

32,1072,056(1,456)(41,033)

244
35,173(40,107)

24,586(82,596)

60,004(50,489)(91,911)62,060234,367(90,583)(1,328)221,040
13,327

Quarterly Condensed Consolidated Statements of Comprehensive Income

Profit (loss)
Other comprehensive income
Items that cannot be reclassified to profit or loss
Changes in fair value of financial assets measured at fair value
through other comprehensive income
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted
for using the equity method
Subtotal
Items that might be reclassified to profit or loss
Changes in fair value of cash flow hedges
Foreign exchange differences on translation of foreign operations
Share of other comprehensive income of investments accounted
for using the equity method
Subtotal
Total other comprehensive income (loss), net of tax
Total comprehensive income (loss)
Comprehensive income (loss) attributable to:
Owners of the parent
Non-controlling interests
4

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

(3) Quarterly Condensed Consolidated Statements of Changes in Equity
First quarter of Fiscal 2020

(Millions of Yen)
Equity attributable to owners of the parent

Balance as of March 31, 2020

CommonCapitalRetainedstock

surplusearnings

419,524

394,404

Other components of equity
Changes in fairvalue of financial
Treasury
assets measured at Remeasurements ofdefined benefit
fair value through
stock
plans
other
comprehensive
income(58,505)
111,924―

1,870,948

Changes of the year
Comprehensive income
Profit (loss)(42,071)

Other comprehensive income (loss)
Total comprehensive income

―

―

―

(42,071)

15,272

14,045

15,272

14,045(6,160)(14,045)

Transactions with owners and others
Cash dividends
Purchases of treasury stock(4)

Disposals of treasury stock(0)

Changes in ownership interests in subsidiaries

1

1,936

Transfer from other components of equity
to retained earnings

20,205

Changes in scope of consolidation
Subtotal
Balance as of June 30, 2020

―

1,935

20,205(2)(6,160)(14,045)419,524

396,340

1,849,083(58,508)

121,036―

Equity attributable to owners of the parent
Other components of equity

Changes in fairvalue of cash
flow hedges

Foreignexchangedifferences ontranslation offoreign
operations(4,821)(91,857)

15,2452,641,618―

Other comprehensive income (loss)(2,792)(75,037)(48,511)

Total comprehensive income(2,792)(75,037)(48,511)

Balance as of March 31, 2020

Total equity
attributable toowners of theparentTotal

Non-controllinginterests

Total equity

355,0132,996,631(42,071)648(41,422)(48,511)(1,977)(50,489)(90,583)(1,328)(91,911)(3,816)(3,816)

Changes of the year
Comprehensive income
Profit (loss)

Transactions with owners and others
Cash dividends――

Purchases of treasury stock―(4)

Disposals of treasury stock―0

Changes in ownership interests in subsidiaries

―

1,936

(20,205)―――

Transfer from other components of equity
to retained earnings
Changes in scope of consolidation
Subtotal
Balance as of June 30, 2020

(4)
0
(131)

1,805

(6)

(6)

―

―

―

(20,205)

1,933(3,953)(2,020)(7,613)(166,894)(53,471)2,552,968

349,7312,902,699

5

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

First quarter of Fiscal 2021

(Millions of Yen)
Equity attributable to owners of the parent

Balance as of March 31, 2021

CommonCapitalRetainedstock

surplusearnings

419,524

393,168

Other components of equity
Changes in fairvalue of financial
Treasury
assets measured at Remeasurements ofdefined benefit
fair value through
stock
plans
other
comprehensive
income(58,342)
207,300―

1,910,333

Changes of the year
Comprehensive income
Profit (loss)

162,129

Other comprehensive income (loss)
Total comprehensive income

―

―

―

162,129(5,536)

7,362(5,536)

7,362(10,411)(7,362)

Transactions with owners and others
Cash dividends(9,219)Purchases of treasury stock(13)

Disposals of treasury stock0

Changes in ownership interests in subsidiaries

89

Transfer from other components of equity
to retained earnings

16

17,773

Changes in scope of consolidation
Subtotal
Balance as of June 30, 2021

0
―

89

8,554

4

(10,411)(7,362)

419,524

393,257

2,081,017(58,337)

191,352―

Equity attributable to owners of the parent
Other components of equity

Changes in fairvalue of cash
flow hedges

Foreignexchangedifferences ontranslation offoreign
operations

3,397(115,385)

95,3112,759,996

371,390

3,131,387―

162,129

10,177

172,306

Other comprehensive income (loss)

12,46744,617

58,91058,9103,149

62,060Total comprehensive income

12,46744,617

58,910221,040

13,327234,367

Cash dividends―(9,219)(3,221)(12,441)

Purchases of treasury stock

―

(13)

Disposals of treasury stock―

17

Changes in ownership interests in subsidiaries―

89(17,773)

―

―

0

9

10

Balance as of March 31, 2021

Total equity
attributable toowners of theparentTotal

Non-controllinginterests

Total equity

Changes of the year
Comprehensive income
Profit (loss)

Transactions with owners and others

Transfer from other components of equity
to retained earnings
Changes in scope of consolidation
Subtotal
Balance as of June 30, 2021

(13)
17
(90)

(1)
―

―

―

(17,773)(9,125)(3,302)(12,427)

15,864(70,768)

136,448

2,971,911

381,415

3,353,326

6

Nippon Steel Corporation (5401)
The First Quarter of Fiscal 2021

（4）Notes to the Quarterly Condensed Consolidated Financial Statements（Going Concern Assumption）
None（Segment Information）
Information on the amounts of revenue and profit for reportable segments
First quarter of Fiscal 2020 (April 1, 2020―June 30, 2020)(Millions of Yen)
Reportable segments
Steelmaking Engineering
Chemicalsand Steelandand Materials
Fabrication Construction

SystemSolutions

Total

Adjustments

Consolidated

Revenue

999,61073,26837,11959,051

1,169,050(37,445)

1,131,604

Segment profit (loss)<Business Profit>(30,594)

5,364(3,145)

5,182(23,191)(4,318)(27,510)First quarter of Fiscal 2021 (April 1, 2021―June 30, 2021)(Millions of Yen)
Reportable segments
Steelmaking Engineering
Chemicalsand Steelandand Materials
Fabrication Construction

SystemSolutions

Total

Adjustments

Consolidated

Revenue

1,351,538

59,11857,834

66,443

1,534,935(31,784)

1,503,151

Segment profit (loss)<Business Profit>

202,584

(532)

6,230

7,746

216,028995

217,024

7