JFE executive: FY19/20 steel segment profit to dip to the lowest since 2002
2019-11-13 10:46:51 [Print]
JFE Holdings Inc expects profits from its steel segment will fall to zero in the year to March 2020 (FY19/20), the lowest since its establishment in 2002, due to slumping Asian markets and weaker local demand, Executive Vice President Masashi Terahata said on Tuesday.
Japan's second-biggest steelmaker slashed its full-year net profit forecast by 63% to 33 billion yen ($302 million) after reporting a 71% plunge in its April to September profit.
In light of faltering earnings, JFE will trim its three-year capital expenditure plan of 1 trillion yen to March 2021 by 100 billion yen and reduce assets by 150 billion yen through selling shares in other companies and lowering inventories, Terahata said.
Japan's second-biggest steelmaker slashed its full-year net profit forecast by 63% to 33 billion yen ($302 million) after reporting a 71% plunge in its April to September profit.
In light of faltering earnings, JFE will trim its three-year capital expenditure plan of 1 trillion yen to March 2021 by 100 billion yen and reduce assets by 150 billion yen through selling shares in other companies and lowering inventories, Terahata said.
