Steel producers in Japan, mired in one of their biggest postwar crises, are likely to reveal that troubles have crept into the new fiscal year when they start reporting earnings this week.
Nippon Steel Corp., the country’s top producer and third-biggest in the world, and JFE Holdings Inc. have been pummeled this year as the coronavirus pandemic hurt already weak Japanese demand and the domestic industry faces intensifying rivalry from other Asian steel-makers. Analysts expect the companies to report losses in the first quarter after both Nippon and JFE posted record annual losses in the year ended March 31 amid multi-billion dollar impairments.
Nippon Steel reports earnings Tuesday and JFE is expected to release its quarterly figures Aug. 12.