JFE Steel increases its pretax profit by 49% in FY 2014 due to low raw material costs

摘要

Japan’s JFE Steel, one of the country’s largest steelmakers has improved its financial performance in fiscal 2014, mostly due to lower raw material costs. JFE Steel’s pretax profit reached JPY 188.5 billion ($1.6 billion) in April 2014-March 2015, a growth of 49.1% compared to the last year’s level. The increase in income came as a result of significant decline in iron ore prices over a year, which together with cost reduction program offset the losses from energy price hikes and selling costs.