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Nippon Steel, JFE & Kobe Steel Post Loss for April-June Quarter

Steel News - Published on Fri, 14 Aug 2020

Image Source: Nippon Steel JFE Kobe Steel
Japan Times reported that all three major Japanese steelmakers plunged into the red in the April-June quarter as the coronavirus crisis led automakers and other clients to suspend production, dragging down demand. Domestic leader Nippon Steel Corp posted a group net loss of JPY 42 billion on sales of JPY 1.1 trillion, down 25.7 percent, in the first quarter, with production of crude steel dropping below levels during the 2008 global financial crisis. Nippon Steel expects to post a loss of JPY 200 billion for April-September but did not offer a full-year estimate.

JFE Holdings Inc reported a group net loss of JPY 39.1 billion on sales of JPY 743.9 billion, down 19.8 percent from the previous year, for the first quarter of fiscal 2020. For the full year through March 2021, JFE expects to post a net loss of JPY 100 billion, would be its second big loss in a row.

Kobe Steel Ltd meanwhile logged a net loss of JPY 13.1 billion on sales of JPY 374.1 billion, down 19.4 percent.

Source :

Posted By : Yogender Pancholi on Fri, 14 Aug 2020
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