
Output Cutsends Jfe Shares Tumbling
Output cutsends JFE shares tumbling
JFE Holdings Inc, the world's third-largest steel maker, led declines among steel makers in Tokyo trading yesterday as it announced a cut in production due to falling demand.
The shares tumbled 5.7 percent to 2,335 yen (US$25.8) on the Tokyo Stock Exchange, the second-largest drop in Japan's benchmark Nikkei 225 Stock Average. The company's unit JFE Steel Corp said on Thursday that it will deepen production cuts to 26 percent below first-half output.
The government forecast Japan's crude-steel output will probably drop a record 32 percent in January to March in response to waning demand from users of the metal, such as Toyota Motor Corp and Nissan Motor Co.
"Greater-than-expected declines in demand prompted JFE to accelerate output cuts, disappointing the market," Yoku Ihara, head of equity research at Retela Crea Securities Co, said yesterday.
The output cut would reduce JFE's recurring profit by 50 billion yen in the year to March 31, analyst Yuji Matsumoto at Tokyo-based Nomura Securities Co estimated yesterday in a report to investors. That would represent about 10 percent of Nomura's earnings estimate for the company.
JFE Steel plans to lower output by 4 million tons in the second half ending on March 31, compared with an estimate last month of 1.5 million tons.
The company will halt the operation of a blast furnace in western Japan next month for maintenance, as it pares output in response to weakening demand.
Nippon Steel Corp, Japan's largest maker of the metal, fell 1.4 percent to 288 yen after the company said on Thursday it would decide early next year on any further production cuts.
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