tokyo steel manufacturing co shares rose sharply monday morning after the company posted a sharp rise in fiscalyear net profit and announced a share buyback the shares were recently 84 higher at 1298 yen after rising as much as 91 earlier tokyo steel said after fridays market close that net profit for the year ended march soared to y3194 billion 2485 million from y589 billion revenue surged 92 to y27088 billion on higher steel prices and a fiscal stimulusdriven recovery in steel demand it said tokyo steel which uses electric furnaces to recycle steel scrap said it wants to take advantage of growing demand for lowcarbonfootprint products and projected a further 48 rise in revenue in the year that began in april the company said it wants to cut costs but projected a 25 drop in net profit for this fiscal year citing higher prices of raw materials tokyo steel also said it will buy back up to y30 billion of its own shares in 2022 the topix subindex for steelmakers was recently 24 lower and the nikkei stock average was down 20