Japan's third-largest steelmaker, Kobe Steel Ltd, cut its full-year profit forecast to the end of March 2020 by 67% on Friday as the escalating trade war between the US and China eroded demand for steel, cars, aluminum and copper.
The company's current profit for the year to March 31, 2020 is currently projected at ¥ 10 billion ($ 94 million), up from a previously projected ¥ 30 billion.
Lower steel demand for overseas vehicles, lower sales of aluminum and copper products used in the semiconductor and information technology segments, and system failures in the US aluminum suspension unit also contributed to lower profits, the Kobe Steel executive said.
Kobe Steel also expects sales of hydraulic excavators to decline, mainly in China.
Japan's Kobe Steel Cuts Fiscal Year Profit Forecast
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Azovpromstal® 5 August 2019 г. 11:20 |
