Japan steelmaker JFE to post 17 pc hike in current year

TOKYO Japan's second-biggest steelmaker, JFE Holdings Inc, plans to post a 17 per cent increase in current fiscal year net profit to 190 billion dollars yen $1.4 billion, expected to boost steel demand thanks to the recovery in the auto sector.

The average selling price rose to130,800 yen per tonne from 103,700 yen a year earlier, the company said.

JFE said this year that it expects a surge in demand for steel products in Japan due to a recovery in the automotive sector as supplies of semiconductors and other components improve. The OECD said that overseas demand should be driven by China lifting its zero-COVID policy.