JFE Holdings interim settlement of accounts 105.7 billion yen final deficit record maximum November 9, 18:35
JFE Holdings, a major steel company, posted the largest deficit for the six months to September since the group was established in 2002.
The net loss was 105.7 billion yen due to sluggish demand for automobiles due to the impact of the new coronavirus.
According to the announcement, the sales of the entire group decreased by 20% from last year to 1.4922 trillion yen, and the final profit / loss was 105.7 billion yen.
It was the first deficit in four years for the six months to September, the largest since the group was established in September 2002.
The spread of the infection echoed the drop in demand for steel products for the mainstay automobiles.
On the other hand, regarding the business results for this fiscal year, although demand for automobiles has picked up since this summer, the recovery for shipbuilding and other products has been delayed, and the final profit and loss is expected to remain in the red of 100 billion yen. It was.
At a telephone interview, Vice President Masafumi Terahata said, "The impact of Corona will bottom out by June, and we expect that cost reductions will be effective in the future. We would like to further reduce costs."
The interim financial results of major steel makers are severe, with Nippon Steel having a deficit of 191.1 billion yen and Kobe Steel having a deficit of 15.2 billion yen.