Japan’s second-biggest steelmaker JFE Steel has lowered its forecasts for crude steel output to 24 million tonnes from 25 million tonnes in financial year ending on 31 March 2023 and full year profit by JPY 5 billion to JPY 150 billion (USD 1.1 billion), blaming slack overseas prices and weak demand at home. JFE Holdings Executive Vice President Mr Masashi Terahata told “We have been facing a tough environment since last quarter with slow activity in Japan and delays in recovery in overseas markets” JFE Steel’s net profit fell 35.5% to JPY 144 billion in April-December 2022. Mr Terahata said “Despite lower output and slumping metal spread in China, we managed to improve our spread by raising product prices to pass on soaring expenses. For the current year, JFE expects average product prices to rise to JPY 131,000 a tonne, against JPY 103,700 a year earlier.”
Japan’s second-biggest steelmaker JFE Steel has lowered its forecasts for crude steel output to 24 million tonnes from 25 million tonnes in financial year ending on 31 March 2023 and full year profit by JPY 5 billion to JPY 150 billion (USD 1.1 billion), blaming slack overseas prices and weak demand at home. JFE Holdings Executive Vice President Mr Masashi Terahata told “We have been facing a tough environment since last quarter with slow activity in Japan and delays in recovery in overseas markets” JFE Steel’s net profit fell 35.5% to JPY 144 billion in April-December 2022. Mr Terahata said “Despite lower output and slumping metal spread in China, we managed to improve our spread by raising product prices to pass on soaring expenses. For the current year, JFE expects average product prices to rise to JPY 131,000 a tonne, against JPY 103,700 a year earlier.”
