Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first quarter ended June 30 of the financial year 2023-24.
In the first quarter, JFE Holdings recorded a net profit of JPY 59.69 billion ($418.38 million), compared to a JPY 85.01 billion net profit recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 1.26 trillion ($8.84 billion), up 0.6 percent year on year.
Meanwhile, in the first quarter, JFE Steel’s consolidated crude steel output increased to 6.38 million mt, down by 5.7 percent year on year. The company’s shipments in the given period amounted to 5.23 million mt, down 5.6 percent year on year.
According to the company’s statement, domestic demand continues to be postponed due to labor shortages and the impact of soaring materials prices. Demand for steel products in Japan is expected to be flat from the first half to the second half of the year.
The company expects sales revenues of JPY 2.61 trillion in the first half and sales revenues of JPY 5.38 trillion in the full financial year. The company’s crude steel production guidance for the full financial year stands at approximately 24.6 million mt, lower than the previous forecast as the overall recovery of the sector has been slower.