Flash Report
Consolidated Basis
Results for the First Quarter of Fiscal 2023
(April 1, 2023―June 30, 2023)＜under IFRS＞
August 4, 2023
Company name:NIPPON STEEL CORPORATIONTokyo Stock Exchange / Nagoya Stock Exchange / Fukuoka Stock
Exchange / Sapporo Securities Exchange
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 7, 2023
Yes
Yes (for investment analysts)

Stock listing:Code number:
URL:
Representative:
Contact:
Telephone:
Scheduled date to submit quarterly securities report:
Scheduled date to commence dividend payments:
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 2023
(April 1, 2023―June 30, 2023)(1) Consolidated Operating Results (Accumulated)(Percentage figures are changes from the same period of the previous fiscal year.)
Revenue

Business profit (*)

Operating profit

Profit before
income taxes

ProfitMillionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%First quarter of Fiscal 2023

2,199,786

14.6

248,700(26.6)

248,700(26.6)

244,793(26.7)

188,477(22.8)First quarter of Fiscal 2022

1,919,181

27.7

338,873

56.1

338,87332.2

334,01433.4

244,145

41.7

Profit attributable toowners of the parent

Total comprehensive
incomeMillionsof yen%Millionsof yen%First quarter of Fiscal 2023

177,064(23.3)

264,435First quarter of Fiscal 2022

230,97242.5

358,534

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

(26.2)

192.28170.4753.0

250.82224.28Millionsof yen%(*)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, and Losses 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 2023

10,418,535

4,884,228

4,343,829

41.7

Fiscal 2022

9,567,099

4,646,417

4,181,155

43.7

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

Yen

Yen

Yen

Yen

Yen

Fiscal 2022

－

90.00

－

90.00

180.00Fiscal 2023

－
75.00

－

75.00

150.00Fiscal 2023 (Forecasts)

Notes: Whether the dividends forecasts have been revised: Yes

Fiscal year

3. Consolidated Financial Forecasts for Fiscal 2023 (April 1, 2023―March 31, 2024)
Revenue
Millions of yen%(Percentage figures are changes from the same period of the previous fiscal year.)
Profit attributable toBusiness profit
Basic earnings per shareowners of the parent
Millions of yen%
Millions of yen%
Yen

First half of Fiscal 2023

4,500,000

16.1

360,000(33.5)

200,000(46.3)

217.00Fiscal 2023

9,000,000

12.8

690,000(24.7)

400,000(42.4)

434.00Notes: Whether the consolidated financial forecasts for fiscal 2023 under review have been revised: Yes* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of
consolidation): Yes
Number of newly consolidated: 1
Company name: NIPPON STEEL TRADING CORPORATION
Number of excluded from consolidation: 0(2) Changes in accounting policies and changes in accounting estimates(a) Changes in accounting policies required by IFRS: None(b) Changes in accounting policies 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 2023
950,321,402 sharesFiscal 2022
950,321,402 shares(b) Number of treasury stock at the end of the period
First quarter of Fiscal 2023
29,497,763 sharesFiscal 2022
29,481,839 shares(c) Weighted average number of shares outstanding
First quarter of Fiscal 2023
920,829,621 sharesFirst quarter of Fiscal 2022
920,869,014 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 the dateon which this document is made public. The Company’s actual results may differ substantially from such statements due to various risks anduncertainties.

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

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) .........................................................................................................................................71

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

Quarterly Condensed Consolidated Financial Statements and Major Notes(1) Quarterly Condensed Consolidated Statements of Financial Position(Millions of Yen)
March 31, 2023

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

June 30, 2023

670,410
1,062,384
2,085,971
28,176
223,575

597,714
1,523,130
2,322,268
44,584
269,220

4,070,518

4,756,918

3,183,638
83,93565,062
157,444
1,210,542
528,794
124,628
136,3496,185

3,274,115
89,387
68,123
162,420
1,186,158
624,599
130,119
119,751
6,939

Total non-current assets

5,496,581

5,661,616

Total assets

9,567,099

10,418,535

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 assets

2

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

(Millions of Yen)
March 31, 2023

LIABILITIES

June 30, 2023

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

1,592,137
403,028
5,878
51,917
40,8391,707,820
774,3122,918
59,44981,782

Total current liabilities

2,093,802

2,626,281

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

2,296,322
323
185,441
37,685
307,105

2,371,265
761
183,385
43,372309,240

Total non-current liabilities

2,826,879

2,908,025

Total liabilities

4,920,682

5,534,306

419,524
399,366
3,079,144(58,054)341,173419,524
399,020
3,185,983(58,105)
397,406

4,181,155

4,343,829

465,261

540,398

Total equity

4,646,417

4,884,228

Total liabilities and equity

9,567,099

10,418,535

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

3

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

(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 2022
Revenue
Cost of sales
Gross profit(Millions of Yen)First quarter of
Fiscal 2023

1,919,181(1,544,162)
375,018

2,199,786(1,866,755)
333,030(142,769)
45,212
72,220(10,808)
338,873(181,519)
27,25085,629(15,691)
248,700

338,873

248,700

Finance income
Finance costs
Profit before income taxes

981(5,840)334,014

4,951(8,858)244,793

Income tax expense
Profit(89,868)
244,145(56,315)
188,477

Profit attributable to :Owners of the parent
Non-controlling interests

230,972
13,173177,064
11,412

Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)

250.82224.28192.28170.47First quarter of
Fiscal 2022
244,145(Millions of Yen)First quarter of
Fiscal 2023
188,477(18,398)

48,701(4,393)8,847(2,027)

4,291(24,818)

61,839(268)
64,073

7,984
15,671

Selling, general and administrative expenses
Share of profit in investments accounted for using the equity method
Other operating income
Other operating expenses
Business profit
Operating profit

Quarterly Condensed Consolidated Statements of Comprehensive Income

ProfitOther 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

75,401(9,538)139,207

14,117

Total other comprehensive income, net of tax
Total comprehensive income

114,388358,534

75,957
264,435

339,772
18,762

246,044
18,390Comprehensive income attributable to:
Owners of the parent
Non-controlling interests
4

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

(3) Quarterly Condensed Consolidated Statements of Changes in Equity
First Quarter of Fiscal 2022

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

Balance as of March 31, 2022

CommonCapitalRetainedstock

surplusearnings

419,524

393,547

Other components of equity
Changes in fairvalue of financial
Treasury
assets measured at Remeasurements offair value throughdefined benefit
stock
other
plans
comprehensive
income(57,977)
178,442―2,514,775

Changes of the year
Comprehensive income
Profit230,972

Other comprehensive income
Total comprehensive income

―

―

―

230,972(16,018)(6,076)(16,018)(6,076)(1,863)

6,076

Transactions with owners and others
Cash dividends
Purchases of treasury stock
Disposals of treasury stock(82,975)(10)00Changes in ownership interests in subsidiaries

7,867Transfer from other components of equity
to retained earnings(4,212)

Changes in scope of consolidation
Subtotal
Balance as of June 30, 2022

(3)
―

7,867

(87,188)(13)(1,863)

6,076

419,524

401,4142,658,559(57,991)

160,560―

Equity attributable to owners of the parent
Other components of equity
Total equity
attributable toowners of theparentNon-controllinginterests

Total equity

Changes in fairvalue of cash
flow hedges

Foreign exchange
differences ontranslation offoreign operations

58,852(40,366)

196,928

3,466,799

430,209

3,897,008―

230,972

13,173244,145

Other comprehensive income

37,04293,851

108,799

108,799

5,588

114,388

Total comprehensive income

37,04293,851

108,799

339,772

18,762358,534

Cash dividends―(82,975)(5,245)(88,221)

Purchases of treasury stock

―

(10)

Disposals of treasury stock―0

Changes in ownership interests in subsidiaries

―

7,867

Balance as of March 31, 2022

Total

Changes of the year
Comprehensive income
ProfitTransactions with owners and others

Transfer from other components of equity
to retained earnings
Changes in scope of consolidation
Subtotal
Balance as of June 30, 2022

(10)
0(9,335)(1,468)

629

4,212

―

―

(3)

633

―

―

―

4,212

(75,122)(13,948)(89,070)

95,89553,485309,941

3,731,449

435,023

4,166,472

5

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

First Quarter of Fiscal 2023

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

Balance as of March 31, 2023

CommonCapitalRetainedstock

surplusearnings

419,524

399,366

Other components of equity
Changes in fairvalue of financial
Treasury
assets measured at Remeasurements offair value throughdefined benefit
stock
other
plans
comprehensive
income(58,054)
194,905―

3,079,144

Changes of the year
Comprehensive income
Profit177,064

Other comprehensive income
Total comprehensive income

―

―

―

177,064

49,372

8,732

49,372

8,732(4,014)(8,732)

Transactions with owners and others
Cash dividends
Purchases of treasury stock
Disposals of treasury stock(82,973)
(14)
18

(0)

Changes in ownership interests in subsidiaries(346)

Transfer from other components of equity
to retained earnings

12,747

Changes in scope of consolidation
Subtotal
Balance as of June 30, 2023

(54)
―

(346)

(70,225)(50)(4,014)(8,732)

419,524

399,020

3,185,983(58,105)240,263―

Equity attributable to owners of the parent
Other components of equity
Total equity
attributable toowners of theparentNon-controllinginterests

Total equity

Changes in fairvalue of cash
flow hedges

Foreign exchange
differences ontranslation offoreign operations

92,69953,568341,173

4,181,155

465,261

4,646,417―

177,064

11,412

188,477

Other comprehensive income(11,440)

22,314

68,98068,9806,977

75,957

Total comprehensive income(11,440)

22,314

68,980246,044

18,390264,435

Cash dividends―(82,973)(5,939)(88,912)Purchases of treasury stock

―

(14)

Disposals of treasury stock―

18

Changes in ownership interests in subsidiaries

―

(346)

Balance as of March 31, 2023

Total

Changes of the year
Comprehensive income
ProfitTransactions with owners and others

Transfer from other components of equity
to retained earnings
Changes in scope of consolidation
Subtotal
Balance as of June 30, 2023

(12,747)

―

―

(54)

(14)
18
(78)

(424)

62,76462,710―――(12,747)(83,370)

56,746(26,623)

81,25975,883

397,406

4,343,829

540,398

4,884,228

6

NIPPON STEEL CORPORATION (5401)
The First Quarter of Fiscal 2023

（4）Notes to the Quarterly Condensed Consolidated Financial Statements（Going Concern Assumption）
Not applicable（Segment Information）
Information on the amounts of revenue and profit or loss for reportable segments
First quarter of Fiscal 2022 (April 1, 2022―June 30, 2022)(Millions of Yen)
Reportable segments
Steelmaking Engineering
Chemicalsand Steelandand Materials
Fabrication Construction
Revenue
Segment profit<Business Profit>

SystemSolutions

Total

Adjustments

Consolidated

1,750,287

70,984

74,14965,312

1,960,733(41,552)

1,919,181

331,683

3,335

9,230

6,686

350,934(12,061)

338,873

First quarter of Fiscal 2023 (April 1, 2023―June 30, 2023)(Millions of Yen)
Reportable segments
Steelmaking Engineering
Chemicalsand Steelandand Materials
Fabrication Construction
Revenue
Segment profit<Business Profit>

SystemSolutions

Total

Adjustments

Consolidated

2,029,333

82,41064,49568,8952,245,135(45,349)

2,199,786

243,429

3,192

2,770

7,000

256,392(7,692)

248,700

7