Japan's JFE Steel reduced its steelmaking plan

Japan's JFE Steel, the country's second largest steelmaker, has reduced its expected steel output for the 2022/2023 fiscal year (April/March) from 26 million tons to 25 million tons.

The company said that demand for steel products in Japan is generally recovering, but the automotive industry and exports are performing worse than expected.

Overall, in the first half of the current fiscal year (April-September), JFE Steel's performance has remained stable. The company's facilities produced 13.37 million tons of steel, which is only 0.2 percent less than in the same period last year. Net income fell 12.5% to 123.2 billion yen ($841 million).