Japan's second-largest steelmaker JFE Holdings Co. has announced its financial results for the financial year 2015-16 ended March 31.
In the financial year 2015-16, JFE Holdings recorded a net profit of JPY 33.66 billion ($303.2 million), compared to a net profit of JPY 139.35 billion in the previous financial year. The company's net sales amounted to JPY 3.43 trillion ($30.92 billion) in the given year, down from JPY 3.85 trillion in the previous year, while its operating profit declined to JPY 90.64 billion ($816.18 million), down 59.3 percent year on year.
In the given year, JFE Steel's consolidated crude steel output increased to 29.75 million mt, down 4.2 percent compared to the previous year, due to domestic inventory adjustment.
The company stated that its steel business is forecast to remain robust, backed by a recovery in capital investment and urban development projects in connection with the 2020 Tokyo Olympics and Paralympics. Meanwhile, the outlook in overseas markets remains unclear, although steel prices show signs of having finally bottomed out and some areas are actually seeing increases. Although the business environment is harsh, the company will strengthen its profit base by steadily implementing the measures set out in the fifth mid-term business plan; strengthening the manufacturing base, improving the product mix and promoting business overseas.