Japan's second-largest steelmaker JFE Holdings Co. has announced its consolidated financial results for the first half ending September 30 of the financial year 2019-20.
In the first half of the financial year 2019-20, JFE Holdings recorded a net profit of JPY 34.2 billion ($313.75 million), compared to a net profit of JPY 111.6 billion in the same period of the previous financial year. The company's net sales amounted to JPY 1.87 trillion ($17.15 billion) in the given period, slightly down from JPY 1.89 trillion in the same period of the previous year.
Following the sharp decline in the net profit for the April-September period, JFE Steel has reduced its profit forecast for the full year by 63 percent to JPY 33 billion ($302.74 million) due to weakening market conditions overseas, brought on by unexpectedly intensified trade friction, and the company expects that such conditions will persist in the second half.
Meanwhile, in the first half of FY 2019-20, JFE Steel's consolidated crude steel output increased to 14.5 million mt, down 2.3 percent year on year. In the full financial year, the company expects to produce 28.4 million mt of crude steel.