Monday, 01 Feb 2010
Reuters reported that JFE Holdings Inc fell into the red in the April to December 2009 period and stuck to an annual outlook that some say is conservative, hit by a slump in exports earlier in the year.

JFE reported an April to December 2009 period recurring profit loss before tax and one offs of JPY 4.31 billion versus a JPY 380.59 billion profit a year ago.

JFE kept its forecast for JPY 40 billion profit for the year to March, below a consensus of JPY 53.86 billion in a poll of 20 analysts for Thomson Reuters still a fraction of the JPY 400.56 billion profit booked in 2008-09.

It may be noted that Japan's steelmakers are increasing exports as stimulus measures by Asian governments, including China's near USD 600 billion economic package, have boosted the region's demand for infrastructure, cars and home appliances, while the Japanese construction market remains weak.

October to December 2009 period output at Japan's big blast furnace steelmakers recovered 90% of their record levels reached before the global financial crisis.