Major Japanese steelmaker JFE Steel is facing the prospect of recording zero profit for the year ending March 2020 for the first time in its history due to global economic tensions and rising raw materials prices, it warned on Friday March 27.
This has led the company to plan to shut one blast furnace in its East Japan Works and restructure its remaining operations in Japan, it said. In brief JFE Steel recorded an impairment loss of around ¥220 billion ($2.4 billion) in the financial year ended March 2020, including ¥130 billion for its operations in Chiba and ¥90 billion for its operations in Keihin. Revenue in the final quarter of 2019 was ¥4.48 trillion, down from ¥4.58 trillion one year earlier. (metalbulletin)
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