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5411 - JFE Holdings Inc News Story

¥1420 -7.0  -0.5%

Last Trade - 7:00am

Sector
Basic Materials
Size
Large Cap
Market Cap £5.48bn
Enterprise Value £17.47bn
Revenue £21.72bn
Position in Universe 179th / 3902

UPDATE 1-Japan crude steel output drops for 11th month in Jan on COVID-19 slump

Mon 22nd February, 2021 6:04am
* January output drops 3.9% from a year earlier to 7.92 mln
tonnes
    * Output up 5.3% from Dec, 7th straight month-on-month rise
    * Demand recovers from automakers, industrial machinery
makers   

 (Adds details and quotes)
    By Yuka Obayashi
    TOKYO, Feb 22 (Reuters) - Japan's crude steel output fell
3.9% in January from a year earlier, dropping for the eleventh
consecutive month as the COVID-19 pandemic continued to dent
demand, the Japan Iron and Steel Federation said on Monday.
    Output, which is not seasonally adjusted, declined to 7.92 
million tonnes in the world's No.3 steel producer, but it
increased 5.3% from December, marking a seventh straight
month-on-month rise.
    "Production continued to climb on a month-on-month basis as
demand kept on recovering, especially from automakers and
industrial machinery makers," a researcher at the federation
said.
    "Output is expected to improve further as one more blast
furnace restarted operation in January," he said.
    Local steel demand was hit by the pandemic, forcing Japan's
top two steelmakers, Nippon Steel Corp  5401.T  and JFE Steel,
owned by JFE Holdings Inc  5411.T , to idle several blast
furnaces last year. 
    But they have restarted a few furnaces since September to
meet recovering demand, with Nippon Steel's Kashima plant, near
Tokyo, resuming a blast furnace in mid-January.
 urn:newsml:reuters.com:*:nL4N2K8253 urn:newsml:reuters.com:*:nL4N2GW0Z6 urn:newsml:reuters.com:*:nL1N2JU07A

 (Reporting by Yuka Obayashi; Editing by Rashmi Aich)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))
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