JFE Steel posts net profit for H1 amid strong steel demand and prices

Monday, 08 November 2021 11:53:57 (GMT+3)   |   Istanbul

Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first half ended September 30 of the financial year 2021-22.

In the first half, JFE Holdings recorded a net profit of JPY 143.32 billion ($1.26 billion), compared to a JPY 104.52 billion net loss recorded in the same period of the previous fiscal year. The increase in profit was due to strong steel demand and prices amid continuous recovery of the global economy since the second half of the previous financial year. The company’s net sales amounted to JPY 1.94 trillion ($17.10 billion), up 30.2 percent year on year.

Meanwhile, in the first half, JFE Steel’s consolidated crude steel output increased to 13.39 million mt, up by 24.3 percent year on year. The company’s shipments amounted to 10.83 million mt, up 15.9 percent year on year.

Due to a recovery in domestic and overseas steel demand, the company’s crude steel production in the full financial year is expected to be approximately 26.50 million mt. The company stated that its Kurashiki blast furnace No. 4 will resume operations in mid-December.

For the full financial year, the company expects a profit of JPY 250 billion. It stated that domestic steel demand is expected to be strong particularly in the manufacturing industry. Automobile production is expected to be approximately 8.2 million units, decreasing by one million units from the previous forecast, due to the shortage of semiconductor supply.

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