Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first half of the financial year 2022-2023 ending September 30.
In the given period, JFE Holdings recorded a net profit of JPY 123.2 billion ($840.7 million), compared to a JPY 140.7 billion net profit recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 2.56 trillion ($17.47 billion), up 32.0 percent year on year.
Meanwhile, in the first half of the current financial year, JFE Steel’s consolidated crude steel output dropped to 13.37 million mt, down by 0.2 percent year on year. The company’s shipments in the given period amounted to 10.86 million mt, up 0.3 percent year on year.
The company expects sales revenues of JPY 5.26 trillion for the full financial year. Moreover, the company’s crude steel production guidance for the full financial year stands at approximately 25 million mt compared to approximately 26 million mt in the previous forecast. JFE Steel also revised its net profit forecast for the full financial year to JPY 155 billion, compared to JPY 140 billion in the same period of the previous financial year.
According to the company’s statement, steel demand continues to improve; however, the recovery of auto production and overseas steel markets has been slow since the last announcement. On the other hand, JFE Steel aims to continue optimal production and its standalone crude steel production is expected to decrease.