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Sales are estimated to fall 28 per cent to 2.82 trillion yen. In the aftermath of reduced output at automakers, electronic appliance producers and other steel users, crude steel output at JFE Steel Corp. is projected to drop 7 per cent to 24.62 million tons.
The holding company is bracing for pretax profit to plummet 90 per cent to 40 billion yen. Reduced steel sales will bite into the tally by 150 billion yen, with price cuts exerting a 470 billion yen toll. Unrealized inventory losses will drive down the figure by 120 billion yen. But these will not be offset by an expected 120 billion yen in savings from lower personnel, maintenance and other expenses, or by a 290 billion yen boost from reduced costs for coal and other materials.
With JFE anticipating red ink for the first half, it has decided not to pay an interim dividend. While it has not decided about a year-end payout, JFE will likely make a distribution if it can clinch a net profit for the full year. It is targeting a payout ratio of roughly 25 per cent.
(Nikkei) bl
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