JFE Holdings Revises Business Forecasts Downward to Deficit March 27 16:12
JFE Holdings, a major steel company, has revised down its earnings forecast for the fiscal year ending March 31, 2010, mainly due to the ongoing sluggish demand for steel due to trade friction between the United States and China and the spread of the new coronavirus. Said it is expected to fall from a surplus of 13 billion yen to a deficit of 190 billion yen.
Shut down one blast furnace
In addition, JFE Holdings announced that it will suspend one blast furnace at the East Japan Works in Kawasaki, Kanagawa Prefecture due to the continuing slump in global demand for steel, and cut down on domestic production capacity. .