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Moody’s changes JFE Steel’s outlook to negative

Steel News - Published on Fri, 29 Nov 2019

Image Source: jfe-shoji-steel-america.com
Rating agency Moody’s changed JFE Steel outlook from stable to negative considering the challenging conditions for Japan’s steel industry along with pressure overseas. Moody's affirmed the corporate credit rating of Japanese JFE Steel as Baa2, but changed its outlook to negative from stable. Moody’s said “The change in outlook to negative reflects JFE’s deteriorating profitability and the increased likelihood that its financial profile will further weaken over the next 12-18 months.”

The change of the outlook followed JFE's recent downward revision of its full-year guidance. The manufacturer lowered its annual business profit forecast by 57% to JPY 60 billion, as profit from its steel segment will fall to zero considering the slowdown of the domestic demand, especially in the industrial, machinery and even construction segments, coupled with overseas steel prices slipping due to fierce competition

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Posted By : Rabi Wangkhem on Fri, 29 Nov 2019
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