JFE will reduce steel production by 5%

Japan's JFE Steel Smelting Company in the I quarter of this fiscal year will cut steel production by 5% compared with earlier forecasts. It is reported by Reuters. It is assumed that in April-June this year, the corporation will issue 7.2 million tons of steel, rather than 7.5 million tons, as expected before. Previously reported that JFE Holdings in the IV quarter of last fiscal year, reduced earnings by 67% to 24.3 billion yen (296.2 million dollars). In general, the results of the past financial year corporate profits grew to 58.6 billion yen, against 45.66 billion yen a year earlier. Recall that two companies with electric arc furnaces in the north-eastern Japan, owned by JFE Steel, were seriously injured. The plant specializes in production of bars and shapes. They were damaged by the earthquake and tsunami in March. Japanese company, "JFE Holdings Inc." is the second largest steel producer in the country. Each year, the corporation produces up to 32 million tons of products. The company specializes in the manufacture of steel alloys with chromium and molybdenum. Ministry of Industry