JFE Holdings, a major steel manufacturer in Japan, announced a decline in earnings for the fiscal year ending March 32, 2025. The downturn was primarily attributed to persistent weak global steel demand and intense price competition.

The steel business, JFE's core sector, was significantly impacted by sluggish domestic demand and a surge in low-cost steel exports from China affecting the entire Asian market. Consequently, JFE's crude steel production fell by 6.4% year on year to 23.2 million tons during the period.

In addition, the steel division's sales revenue also decreased to 3,365.1 billion yen, with profits plummeting to 36.3 billion yen due to reduced sales volume, lower overseas steel prices, and one-time inventory valuation losses.

Despite the company’s ongoing restructuring efforts to raise prices and cut costs, these measures proved insufficient to offset the unfavorable market conditions.