Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first three quarters ending December 31 of the financial year 2023-24.
In the given period, JFE Holdings recorded a net profit of JPY 165.7 billion ($1.1 billion), up 12.8 percent compared to a JPY 146.9 billion net profit recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 3.86 trillion ($26.11 billion), down by 1.1 percent year on year.
Meanwhile, in the first three quarters of the current financial year, JFE Steel’s consolidated crude steel output dropped to 18.8 million mt, down by two percent year on year. The company’s shipments in the given period amounted to 15.73 million mt, down 2.3 percent year on year.
The company expects sales revenues of JPY 5.23 trillion for the full financial year, lower by 0.7 percent compared to the previous financial year. Moreover, the company’s crude steel production guidance for the full financial year stands at approximately 25.10 million mt.
In its forecast for the fiscal year 2024-25, JFE expects steel demand in Japan to be on par with the current fiscal year and protectionist policies to gain traction globally. The company plans to expand its high value-added product sales with the help of enhancement of electrical steel sheet facilities in the Kurashiki area scheduled to start operation in the first half of FY 2024-25 and growth of overseas businesses such as JSW Steel in India and the joint venture with Nucor in North America.