According to an announcement by Japan-based steel manufacturer Godo Steel, the ongoing appreciation of the Japanese yen has resulted in a sharp decrease in its profits.
Godo Steel stated that in the current Japanese fiscal year (started April 1) the sales revenue of its steelmaking business will decrease from its initial prediction of $1.43 billion to $1.3 billion, while net profit will decrease from the initially expected $45.5 million to $19.5 million.