Kobe Steel Cuts FY Profit Forecast by 66%

Japan’s third biggest steelmaker Kobe Steel Ltd cut its recurring profit forecast for the year to end March 2020 by 67% as the escalating US-China trade war battered steel demand for automobiles and aluminium and copper demand for chips. The company’s recurring profit for the year to March 31, 2020, is now predicted at JPY 10 billion (USD 94 million), down from earlier guidance of JPY 30 billion. A Kobe Steel executive said “Weaker steel demand for overseas automobiles, lower sales of aluminium and copper products used in semiconductor and IT-related segments and system glitches in a US aluminium suspension unit, are also behind slumping profits.”

The company said it will skip dividend payments this year due to the deteriorating profits.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.