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Japan's three major steel companies continued to slump in the second quarter
Release time：Sep 02, 2019 From：admin
Japan's three major steel companies have recently announced their second quarter operating results. In the second quarter, the profitability of Nippon Steel and JFE Holdings decreased significantly year-on-year, and Kobe Steel changed from profit to loss. This is due to the high price of iron ore and rising production costs; on the other hand, the price of steel is low.
In the second quarter, Nippon Steel's operating profit was 33.3 billion yen (about 313 million US dollars), down 61.0% year-on-year; JFE Holdings' operating profit was 19.7 billion yen (about 185 million US dollars), down 65.2% year-on-year; Kobe Steelmaking lost 1.1 billion yen (about 10.34 million US dollars), compared with a profit of 12.6 billion yen (about 118 million US dollars) in the same period last year.
In the second quarter, Japanese steel sales were 1.5224 trillion yen (US$14.407 billion), a year-on-year increase of 4.3%. In contrast, both JFE Holdings and Kobe Steel's sales fell year-on-year.
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