Japanese steel maker JFE Steel has produced 25.88 million tonnes of crude steel on a standalone basis for the year ended 31 March 2022, up 13.7% YoY from 22.76 million tonnes in previous FY. JFE Steel attributed the increase to strong demand for steel and the result of initiatives to improve sales price led to a significant increase in profit. As a result of these positive factors, JFE Steel swung to a net profit of JPY 288 billion (USD 2.2 billion) for the year, from a net loss of JP 21.8 billion the previous year.JFE Steel expects to produce 26 million tonne of crude in the current fiscal year, due to recovery in automobile production and a pickup in the economy. JFE Steel said “Peaking out of COVID-19 will see a recovery in steel demand from the overseas construction sectors, while manufacturing is also expected to rebound. Demand from the automotive sector is soft due to low automotive production caused by a shortage of semiconductors, although the automotive sector is gradually recovering at sluggish speed."However, JFE Steel did not provide a financial projection for the year ending March 31, 2023, citing Russia's invasion of Ukraine. JFE Steel said "Since Russia launched its invasion, coal prices have remained volatile and steel supply & demand and market conditions have been uncertain, obliging the company to determine that it cannot issue reasonable forecasts at this stage.”
Japanese steel maker JFE Steel has produced 25.88 million tonnes of crude steel on a standalone basis for the year ended 31 March 2022, up 13.7% YoY from 22.76 million tonnes in previous FY. JFE Steel attributed the increase to strong demand for steel and the result of initiatives to improve sales price led to a significant increase in profit. As a result of these positive factors, JFE Steel swung to a net profit of JPY 288 billion (USD 2.2 billion) for the year, from a net loss of JP 21.8 billion the previous year.JFE Steel expects to produce 26 million tonne of crude in the current fiscal year, due to recovery in automobile production and a pickup in the economy. JFE Steel said “Peaking out of COVID-19 will see a recovery in steel demand from the overseas construction sectors, while manufacturing is also expected to rebound. Demand from the automotive sector is soft due to low automotive production caused by a shortage of semiconductors, although the automotive sector is gradually recovering at sluggish speed."However, JFE Steel did not provide a financial projection for the year ending March 31, 2023, citing Russia's invasion of Ukraine. JFE Steel said "Since Russia launched its invasion, coal prices have remained volatile and steel supply & demand and market conditions have been uncertain, obliging the company to determine that it cannot issue reasonable forecasts at this stage.”
