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JFE Steel lowers its crude steel production forecast

JFE Steel, Japan's second largest steelmaker, has lowered its crude steel production forecast for fiscal 2023.

JFE Steel lowers its crude steel production forecast

Japan's second largest steel producer JFE Steel has reduced its crude steel production forecast to 24.6 million tons from the previous estimate of 25 million tons for fiscal 2023, which will end on March 31, 2024. In the first quarter of fiscal 2023, the company's crude steel production decreased by 5.9% year on year to 6.05 million tons.

In the statement made by JFE Steel officials, it was stated that despite the recovery in the domestic automobile industry, the overall steel market is still below what was previously expected. In addition, officials said that the recovery in the Chinese steel market is expected to be delayed until the beginning of next year.


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