Japan's second-largest steelmaker JFE Holdings Co. has announced its financial results for the financial year ended March 31, 2012, posting a net loss because of the high cost of raw materials including iron ore and coking coal.
In the financial year 2011-12, JFE reported a net loss of JPY 36.6 billion ($448.4 million), compared to a net profit of JPY 58.6 billion in FY 2010-11. The company's net sales amounted to JPY 3.16 trillion ($36.76 billion) in the given year, down from JPY 3.19 trillion in the previous year, while its operating profit declined to JPY 44.7 billion ($548.19 million) by 75.5 percent year on year.
In FY 2011-12, JFE Steel's consolidated crude steel output increased to 29.24 million mt, up 8.6 percent compared to the previous year.