Japanese steelmaker JFE Holdings Co. has announced its consolidated financial results for the first nine months ended December 31 of the financial year 2021-22.
In the first nine months, JFE Holdings recorded a net profit of JPY 225.12 billion ($1.94 billion), compared to a JPY 67.21 billion net loss recorded in the same period of the previous fiscal year. The company’s net sales amounted to JPY 3.09 trillion ($26.74 billion), up 33.7 percent year on year.
Meanwhile, in the first nine months, JFE Steel’s consolidated crude steel output increased to 20.24 million mt, up by 16.5 percent year on year. The company’s shipments amounted to 16.46 million mt, up 11.5 percent year on year.
The company’s crude steel production in the full financial year is expected to be approximately 26 million mt, compared to 26.5 million mt in the previous guidance.
For the full financial year, the company expects a revenue of JPY 4.37 trillion and a profit of JPY 270 billion, compared to JPY 250 billion in the previous forecast.
Meanwhile, the company stated that it has raised its fiscal 2030 carbon reduction target to a minimum 30 percent, up from the previous target of 20 percent. The more aggressive target reflects factors including the ongoing advancement of carbon neutrality initiatives within the steel business and continued improvement in external conditions for pursuing carbon neutrality.