Japan's four largest steelmakers said Thursday they are on track to report bumper earnings for fiscal 2003, thanks to a steel market upturn based on strong demand in China.
JFE Holdings Inc., the second-largest firm in the sector in terms of sales, kept its net profit forecast intact at 95 billion yen, well up from the 15.9 billion yen logged a year ago.
The company attributed its strong performance to growth in sales of steel to shipbuilders and other clients, and an increase in steel prices.