JFE Suffers Record Net Loss on Blast Furnace Shutdown

Economy

Tokyo, May 12 (Jiji Press)--JFE Holdings Inc. <5411> on Tuesday reported a record group net loss of 197,744 million yen in fiscal 2019 due to a blast furnace shutdown reflecting the prolonged U.S.-China trade dispute.

In the year through March, the Japanese steelmaker logged its first net loss in eight years, hurt by 230 billion yen in impairment losses attributable mainly to the shutdown of a blast furnace at its East Japan Works decided in March.

In the previous year, the company posted a net profit of 163,509 million yen.

JFE Holdings did not release earnings projections for fiscal 2020.

"We can't see any signs of bottoming out," Executive Vice President Masashi Terahata said in a conference call, referring to a decline in demand caused by the coronavirus pandemic.

[Copyright The Jiji Press, Ltd.]

Jiji Press