Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first half of the financial year 2023-2024 ending September 30.
In the given period, JFE Holdings recorded a net profit of JPY 110 billion ($724.74 million), compared to a JPY 123.2 billion net profit recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 2.57 trillion ($16.97 billion), up 0.4 percent year on year.
Meanwhile, in the first half of the current financial year, JFE Steel’s consolidated crude steel output dropped to 12.85 million mt, down by 3.8 percent year on year. The company’s shipments in the given period amounted to 10.65 million mt, down 1.9 percent year on year.
The company expects sales revenues of JPY 5.36 trillion for the full financial year. Moreover, the company’s crude steel production guidance for the full financial year stands at approximately 23.80 million mt. JFE Steel has also revised its net profit forecast for the full financial year to JPY 190 billion, up by 16.8 percent compared to the previous financial year.
According to its statement, JFE Steel aims to reduce carbon emissions by 30 percent in 2030 from a 2013 base and become carbon-neutral by 2050. Achieving 30 percent carbon reduction by 2030 will enable the company to annually supply up to five million mt of green steel.