Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first nine months ending December 31 of the financial year 2019-20.
In the first nine months of the financial year 2019-20, JFE Holdings recorded a net profit of JPY 30.6 billion ($278.9 million), down 81 percent compared to the same period of the previous financial year. The company's net sales amounted to JPY 2.8 trillion ($25.5 billion) in the given period, down 3.4 percent year on year.
JFE Steel forecasts a JPY 33 billion ($300.77 million) net profit for the full financial year.
Meanwhile, in the given period, JFE Steel's consolidated crude steel output increased to 20 million mt, down 2.5 percent year on year. In the full financial year, the company expects to produce 28.4 million mt of crude steel.
The company also said that it is planning to shut down its plate production lines. Accordingly, some lines at its Keihin facilities will be halted by the end of next month, while the lines at Chiba facilities will be halted by the end of March 2023.
