Japan steelmakers set for sharp profit recovery as global demand surges

摘要

Japanese steelmakers are on track for a V-shaped annual profit recovery from the pandemic-induced slump, as solid global demand boosts prices while higher prices of iron ore and coking coal drive hefty inventory appraisal gains. Japan’s second-biggest steelmaker, JFE Holdings, on Thursday (Aug 12) nearly doubled its annual net profit forecast following similar upgrades by Nippon Steel and Kobe Steel last week.