JFE executive: FY19/20 steel segment profit to dip to the lowest since 2002

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.

.Asian Metal Copyright 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.Asian Metal Copyright