Japan’s JFE revises crude steel output forecasts for year to Mar 31
Time:Thu, 09 Feb 2023 09:18:05 +0800
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JFE Holdings, Inc., the second-largest steel manufacturer in Japan, revised down its crude steel output forecasts for the year ended March 31 from about 25 million to 24 million tons. Meanwhile, its net profit was estimated to decrease by 5 billion yen to 150 billion yen. The reasons might be slow activities in Japan and delays in recovery in overseas markets.
In order to revise the difficult market situation, JFE will invest 50 billion yen to boost the production capacity of electrical steel sheets, applied in electric vehicles (EVs), and the capacity was expected to double.
