Japanese steelmaker JFE Holdings Co. has announced its consolidated financial and operational results for the full financial year of 2023-24 ended March 31.
In the full financial year, JFE Holdings recorded a net profit of JPY 200.97 billion ($1.29 billion), compared to a JPY 166.75 billion net profit recorded in the previous fiscal year, while its net sales amounted to JPY 5.17 trillion ($33.27 billion), down 1.8 percent year on year.
Meanwhile, in the given year, JFE Steel’s consolidated crude steel output dropped to 24.8 million mt, down by 2.7 percent year on year, while its total steel shipments amounted to 20.8 million mt, declining by 4.3 percent year on year.
In its guidance, the company’s crude steel production in the full financial year had been expected to be approximately 25.1 million mt.
According to its statement, JFE expects that the domestic automotive industry will remain robust, while labor shortages and increasing material prices will continue to put pressure on demand, especially in the civil engineering and construction sectors. Therefore, steel demand is forecast to remain mostly unchanged in the fiscal year 2024-25. Also, in the fiscal year 2024-25, the company estimates that its crude steel production will total about 23.40 million mt.