Japan's JFE Holdings first-quarter profit down 74%, misses forecasts
An LSEG poll of analysts had expected JFE Holdings to report 16.1 billion yen in quarterly net profit. The company recorded 27.5 billion yen in profit in the same period of last year.
It said its crude steel production for the period was 5.28 million metric tons, down from 5.48 million tons a year ago, while it also faced weaker export profitability and was hit by foreign exchange fluctuations.
JFE Holdings kept its profit forecast for the year ending next March unchanged at 75 billion yen.
In a separate statement on Monday, JFE said that, together with India's JSW Steel, it will invest 120 billion yen to expand production capacity at two plants in India.
The investment will increase output of cold rolled grain-oriented electrical steel - a specialised product used in transformers, generators and motors - to 350,000 tons per year.
One of the plants is set to start full production in 2027, and the other has current capacity of 50,000 tons annually.
The expansion aims to help satisfy rising demand from new power infrastructure, the growth of renewable energy use and an increase in the number of data centres in India, JFE said.
($1 = 147.8000 yen)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Hitachi mulling over sale of Japanese white goods business, Nikkei reports
Japanese conglomerate Hitachi is considering selling its domestic home appliance business as part of a continued effort to prioritize the group's social infrastructure and digital sectors, the Nikkei newspaper has reported. The deal could be worth around 100 billion yen ($679.49 million) or more, the report said. Hitachi has reached out to multiple companies to buy its white goods business, with South Korea's Samsung Electronics being one of its potential suitors, Nikkei said. However, the report added that Hitachi is keeping the option of retaining the business open as well due to its potential of contributing to the company's brand recognition among consumers. Hitachi and Samsung Electronics did not immediately respond to Reuters' request for a comment. ($1 = 147.1700 yen)
CNA
an hour ago
- CNA
Hitachi considering to sell Japanese home appliance business, Nikkei reports
Japanese conglomerate Hitachi is considering selling its domestic home appliance business in a deal worth around 100 billion yen ($679.49 million) or more, the Nikkei newspaper reported. One of the potential suitors expressing interest in the deal is South Korea's Samsung Electronics, Nikkei added. ($1 = 147.1700 yen)
CNA
2 hours ago
- CNA
Digital literacy: About 250,000 people to benefit from S$3m boost to national fund, workshops
About 250,000 seniors, youths and individuals with special needs will benefit from a new S$3 million boost to a national fund promoting digital inclusion. Separately, there will be workshops on everyday banking and Generative AI to help people build practical digital skills. It is part of a renewed three-year tie-up between Singapore's largest bank and the Infocomm Media Development Authority. Karen Ngui, MD and Head at DBS Foundation, and Douglas Goh, Director, Digital Engagement and Adoption at the SG Digital Office at the Infocomm Media Development Authority, talk about why this initiative is important for Singapore and DBS. They also talk about how they will recruit participants for these workshops.
