Japanese steel maker JFE Steel has reported improvement in its financial results in April-December 2021 on high steel prices. JFE Steel reported a standalone ordinary profit at JPY 252 billion (USD 2.2 billion) in April-Decenter 2021 compared to an operating loss of JPY 101.9 billion over the nine months of the last fiscal year as strong demand and market prices and initiatives to improve sates price led to a significant increase in profit, particularly in the steel businessThe company's crude steel production rebounded by 17% YoY, whereas sales added 12% YoY over a period due to the low comparative basis of last year. Steel production and growth slowed in October-December compared to the previous quarter and added just 1% each. Buying activity was sluggish in export markets as the other exporters, including China and India, could provide more attractive prices. Domestic demand has temporarily weakened due to the reduction in automobile production. However, the quick reflection of raw material cost in sales prices has more widely been accepted than expected.JFE Steel revised its outlook again. Ordinary profit is predicted to reach JPY 303 billion (USD 2.6 billion), up from the previous forecast by 3% Standalone crude steel production is forecasted at 26 million tonnes, down by 2%. The company expects moderate demand from the local auto sector and strong orders from shipbuilding and engineering companies. Demand in the foreign outlets is expected to be sluggish
Japanese steel maker JFE Steel has reported improvement in its financial results in April-December 2021 on high steel prices. JFE Steel reported a standalone ordinary profit at JPY 252 billion (USD 2.2 billion) in April-Decenter 2021 compared to an operating loss of JPY 101.9 billion over the nine months of the last fiscal year as strong demand and market prices and initiatives to improve sates price led to a significant increase in profit, particularly in the steel businessThe company's crude steel production rebounded by 17% YoY, whereas sales added 12% YoY over a period due to the low comparative basis of last year. Steel production and growth slowed in October-December compared to the previous quarter and added just 1% each. Buying activity was sluggish in export markets as the other exporters, including China and India, could provide more attractive prices. Domestic demand has temporarily weakened due to the reduction in automobile production. However, the quick reflection of raw material cost in sales prices has more widely been accepted than expected.JFE Steel revised its outlook again. Ordinary profit is predicted to reach JPY 303 billion (USD 2.6 billion), up from the previous forecast by 3% Standalone crude steel production is forecasted at 26 million tonnes, down by 2%. The company expects moderate demand from the local auto sector and strong orders from shipbuilding and engineering companies. Demand in the foreign outlets is expected to be sluggish
