Japanese steelmaker Marubeni-Itochu Steel Inc. has announced its financial results for the financial year 2015-16, ended March 31.
For the given year, Marubeni-Itochu Steel has reported a net profit of JPY 13.1 billion ($120 million), decreasing by 48.8 percent year on year. The company's net sales revenues for the first half of the current fiscal year amounted to JPY 1.96 trillion ($18 billion), down 8.8 percent year on year.
The company stated that the 2015-16 fiscal year was marked by continued sluggish conditions in the global economy at large, linked to the slowdown of China’s economy and the falling prices of crude oil, iron ore and other resources. Meanwhile, the Japanese economy felt the impact of the worsened economic situation overseas, uncertainty on financial markets and other negative trends. This resulted in persistently bearish tendencies, slumping personal consumption and anemic export growth.