JFE Reduces Annual Loss Estimate on Steel Demand Recovery
Japan's second biggest steelmaker JFE Holdings Inc has trimmed its net loss estimate for the current financial year by over 60%, thanks to a sharp rebound
Japan's second biggest steelmaker JFE Holdings Inc has trimmed its net loss estimate for the current financial year by over 60%, thanks to a sharp rebound in steel demand from a pandemic induced collapse. JFE now expects a net loss of JPY 38 billion (USD 363 million) in the year ending March 31 compared with an earlier JPY 100 billion loss estimate. JFE Holdings Executive Vice President Mr Masashi Terahata told "Demand from industries centring on automobiles has picked up at home and abroad. Stronger overseas market has also boosted its export margin. We expect a gradual demand recovery from local industries, except for shipbuilding, will continue in the next financial year.”
Reflecting improved demand, JFE's crude steel output on a parent basis for the current year is now expected to reach 22.7 million tonnes, 200,000 tonnes more than its previous estimate. It produced 26.73 million tonnes a year earlier.