Japanese steelmaker JFE Holdings Co. has announced its consolidated financial and operational results for the first quarter ended June 30 of the financial year 2024-25.
In the first quarter, the company recorded a net profit of JPY 27.71 billion ($194.75 million), compared to a JPY 59.69 billion net profit recorded in the same period of the previous fiscal year, while its net sales amounted to JPY 1.21 trillion ($8.5 billion), down by four percent year on year.
Meanwhile, in the given quarter, JFE Steel’s consolidated crude steel output amounted to 5.80 million mt, down by 9.1 percent, while its shipments came to 4.70 million mt, down 10.3 percent, both on year-on-year basis.
The company stated that demand in the automotive sector is steady, but production has declined due to newly emerged certification issues. In the civil engineering and construction field, demand continues to be postponed due to labor shortages and a surge in materials. Also, steel demand is expected to improve in the second half, mainly driven by the automotive sector.
The company expects sales revenues of JPY 2.46 trillion in the first half and sales revenues of JPY 5.24 trillion in the full financial year. Its crude steel production guidance for the full financial year stands at approximately 23 million mt, lower than the previous forecast due to a decline in demand for automobiles both in Japan and overseas in the first half.
