Tokyo, Nov. 11 (Jiji Press)–Major Japanese steelmakers were hurt by lower prices caused by overproduction in China in their fiscal first half ended in September.
Nippon Steel Corp. posted a large net loss, while JFE Holdings Inc. saw its net profit drop. Kobe Steel Ltd. logged a net profit increase thanks to the sale of cross-shareholdings, but its operating profit declined.
Nippon Steel swung to a consolidated net loss of 113.3 billion yen from a profit of 243.3 billion yen a year before.
The company took a hefty charge related to the dissolution of a U.S. joint venture with a major European steelmaker to address anticompetitive concerns over its acquisition of United States Steel Corp.
JFE’s consolidated net profit fell by about 40 pct to 26.6 billion yen due to a decline in crude steel production and a drop in profit margins.