JFE Steel Reduces FY Loss Forecast
JFE SteelMyanmar Business

JFE Steel Reduces FY Loss Forecast

Japanese steelmaker JFE Holdings recorded a net loss of JPY 67.21 billion (USD 9.56 billion) in the first nine months of current FY, compared to a JPY 30.63

Japanese steelmaker JFE Holdings recorded a net loss of JPY 67.21 billion (USD 9.56 billion) in the first nine months of current FY, compared to a JPY 30.63 billion net profit recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 2.32 trillion, down 17% YoY. JFE Steel's consolidated crude steel output decreased to 17.36 million tonnes, down by 18% YoY as shipments amounted to 14.76 million tonnes, down 15% YoY

Due to a recovery in domestic and overseas steel demand, the company's crude steel production in the full financial year is expected to be approximately 22.70 million tonnes as compared to 22.50 million tonnes in the previous forecast. For the full financial year, the company expects a loss of JPY 32 billion compared to JPY 90 billion in the previous forecast, due to a further recovery in steel demand and a significant rise in steel prices. It stated that domestic steel demand continues to recover due to recovery in activity levels of customers.

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