Jfe Holdings, Inc. · TSE:5411

Jfe — Q3 FY2017 Earnings Presentation

61 slides from Jfe's earnings presentation, Feb 1, 2018

  1. Slide 1: JFE Group Financial Results through Third Quarter of Fiscal Year 2017

    JFE Group Financial Results through Third Quarter of Fiscal Year 2017 ending March 31, 2018 JFE Holdings, Inc. February 1, 2018

  2. Slide 2: A table of contents

    A table of contents  JFE Holdings’ Financial Results through Third Quarter of Fiscal Year 2017 (April 1 to December 31, 2017) and Financial Forecasts for Fiscal Year 2017 (April 1, 2017 to March 31, 2018)  JFE Steel  JFE Engineering  JFE Shoji  Dividends This presentation material is for inform

  3. Slide 3: Consolidated Results through Third Quarter of Fiscal Year 2017

    Consolidated Results through Third Quarter of Fiscal Year 2017 (April 1 to December 31, 2017) 33

  4. Slide 4: Financial Results through Third Quarter of Fiscal Year 2017

    JFE-HD Financial Results through Third Quarter of Fiscal Year 2017 (billion yen) FY2016 FY2017 Change Through 3Q Through 3Q Net Sales 2,311.7 2,670.8 359.1 Operating Income 36.4 172.3 135.9 Non-operating Income (Expenses) 7.7 (1.8) (9.5) Ordinary Income 44.1 170.4 126.3 Extraordinary Profit 11.9 22.

  5. Slide 5: Financial Results through Third Quarter of Fiscal Year 2017 (by Segment)

    JFE-HD Financial Results through Third Quarter of Fiscal Year 2017 (by Segment) (billion yen) FY2016 FY2017 Change Through 3Q Through 3Q Steel Business 1,655.5 1,991.9 336.4 Engineering Business 277.4 256.6 (20.8) Trading Business 1,180.7 1,410.5 229.8 Adjustments (802.0) (988.2) (186.2) Net Sales 2

  6. Slide 6: Adjustments of Ordinary Income of Financial Results through Third Quarter

    JFE-HD Adjustments of Ordinary Income of Financial Results through Third Quarter of Fiscal Year 2017  Japan Marine United Corporation, JFE-HD’s equity-method affiliate, recorded loss attributable to owners of parent of 23.2 billion yen through third quarter of fiscal year 2017 due to the delay in c

  7. Slide 7: Forecasts of Consolidated Financial Results in Fiscal Year 2017

    Forecasts of Consolidated Financial Results in Fiscal Year 2017 (April 1, 2017 to March 31, 2018) 77

  8. Slide 8: Financial Forecasts for Fiscal Year 2017

    JFE-HD Financial Forecasts for Fiscal Year 2017 (billion yen) Previous Updated Forecast Forecast Change (Nov. 1, 2017) (Feb. 1, 2018) Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,650.0 2,670.8 999.2 3,670.0 20.0 Operating Income 210.0 172.3 57.8 230.0 20.0 Non-operating Income (Expenses

  9. Slide 9: Financial Forecasts for Fiscal Year 2017 (by Segment)

    JFE-HD Financial Forecasts for Fiscal Year 2017 (by Segment) (billion yen) Previous Updated Forecast Forecast Change (Nov. 1, 2017) (Feb. 1, 2018) Full year Apr-Dec Jan-Mar Full year Full year Steel Business 2,720.0 1,991.9 738.1 2,730.0 10.0 Engineering Business 420.0 256.6 143.5 400.0 (20.0) Tradi

  10. Slide 10: Financial Forecasts for Fiscal Year 2017

    JFE-HD Financial Forecasts for Fiscal Year 2017 (billion yen) FY2016 (A) FY2017 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,308.9 2,670.8 999.2 3,670.0 361.1 Operating Income 96.7 172.3 57.8 230.0 133.3 Non-operating Income (12.0) (1.8) (8.2) (10.0) 2.0 (Expenses) Ordinary I

  11. Slide 11: Financial Forecasts for Fiscal Year 2017 (by Segment)

    JFE-HD Financial Forecasts for Fiscal Year 2017 (by Segment) (billion yen) FY2016 (A) FY2017 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Steel Business 2,349.1 1,991.9 738.1 2,730.0 380.9 Engineering Business 426.1 256.6 143.5 400.0 (26.1) Trading Business 1,671.0 1,410.5 489.6 1,900.0

  12. Slide 12: JFE Steel

    ＪＦＥ Steel Financial Results through Third Quarter of Fiscal Year 2017 12 12

  13. Slide 13: Production and Shipment

    JFE Steel Production and Shipment FY2016 FY2017 Unit Apr Jul Oct Jan Apr Jul Oct -Jun -Sep -Dec -Mar -Jun -Sep -Dec Crude Steel (Standalone) Mt 6.94 7.06 7.12 7.02 28.14 7.12 6.98 7.23 Crude Steel (Consolidated) Mt 7.52 7.62 7.66 7.61 30.41 7.53 7.38 7.63 Shipment (Standalone) Mt 6.26 6.34 6.43 6.68

  14. Slide 14: 136.6 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 136.6 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 through 3Q vs. FY17 through 3Q) (billion yen) FY2016 FY2017 Change JFE Steel Apr-Dec 1Q 2Q 3Q Apr-Dec Apr-Jun Jul-Sep Oct-Dec Ordinary Income 13.6 48.6 36.0 65.6 150.2 136.6  Cost reductions ＋ 35.0  Volume and Mix ＋ 10.0  S

  15. Slide 15: 29.6 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 29.6 Billion Yen increase in JFE Steel’s Ordinary Income (FY17 2Q vs. FY17 3Q) (billion yen) Change JFE Steel 1Q 2Q 3Q 4Q FY2017 2Q Apr-Jun Jul-Sep Oct-Dec Jan-Mar →3Q Ordinary Income 48.6 36.0 65.6 34.8 185.0 29.6  Cost reductions ＋ 3.0  Volume and Mix ＋ 5.0  Sales and Raw materials ＋

  16. Slide 16: JFE Steel Financial Forecasts for Fiscal Year 2017

    ＪＦＥ Steel Financial Forecasts for Fiscal Year 2017 16 16

  17. Slide 17: Current Business Environment (Domestic)

    JFE Steel Current Business Environment (Domestic) Domestic steel consumption in FY17 is forecast to increase by +1.9% from FY16. Construction sector and automobile sector are forecast to remain robust. (for construction use：＋2.7% for automobile use：＋1.5% ) 【Outlook for Domestic Ordinary Steel Cons

  18. Slide 18: Domestic Combined Inventories of HR, CR and Coated Steel Sheet

    JFE Steel Domestic Combined Inventories of HR, Market Environment CR and Coated Steel Sheet （000t） （Month） 5,000 Maker Whole Saler 4 Coil Center Inventory Ratio (Right) 4,500 4,000 3 3,500 3,000 2,500 2 2,000 1,500 1 1,000 Dec, 2017 500 4,045kt 0 0 Apr Apr Apr Apr Apr Aug Aug Aug Aug Aug Oct Oct Oct

  19. Slide 19: Domestic Inventories of Plate and Wide Flange Shapes

    JFE Steel Domestic Inventories of Plate (Plate Shear) Market Environment and Wide Flange Shapes Inventories of Plate (Plate Shear) Inventories of Wide Flange Shapes (000t) (Month) （000t） （Month） 450 Inventories Inventory Ratio 3.0 250 Inventories Shipment 4.0 Inventory Ratio (Right) 2.5 3.5 400 200

  20. Slide 20: Trend of Import Steel

    100 200 300 400 500 600 0 Jan Feb Mar （000t） Apr May Jun 2013 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Domestic May Jun 2014 Jul Aug Market Environment Sep S. Korea Oct Nov Dec Jan Feb Mar China Apr May Jun 2015 Jul Aug Sep Taiwan Oct Nov Dec Jan Feb Mar (Ordinary Steel) Others Apr May Jun 2016 Jul A

  21. Slide 21: Current Business Environment (Overseas)

    JFE Steel Current Business Environment (Overseas) China’s supply and demand balance of steel improved significantly backed by supply side reforms including shutdown of substandard steel mills and strong domestic steel demand in 2017. Steel price in China remains at a high level, but we need to wat

  22. Slide 22: Crude Steel & Im/Export, China

    JFE Steel Overseas Market Environment Crude Steel & Im/Export, China (Mt) Export(Left) Import(Left) Crude Steel (Right) (Mt) 12 80 70 10 60 8 50 6 40 YoY 30 4 2017 Mt Change 20 Crude Steel 832 +5.7% 2 Export 76 -30.6% 10 0 0 Mar Mar Mar Mar Mar May May May May May Sep Sep Sep Sep Sep Jul Jun Jun Jul

  23. Slide 23: Inventories in China by Products

    JFE Steel Overseas Market Environment Inventories in China by Products （000t） 35,000 Bar Rot & Wire Plate HR CR Change by previous year(%) 100% 30,000 50% 25,000 0% 20,000 -50% 15,000 -100% 10,000 -150% 5,000 -200% 0 -250% Feb Feb Feb Feb Feb Apr Apr Apr Apr Apr Aug Aug Aug Aug Aug Jan Jan Jan Jan J

  24. Slide 24: Raw Materials Price

    JFE Steel Raw Materials Raw Materials Price （$/DMT） Iron ore (iron ore fines from Australia) （$/WMT） Coking Coal （Hard Coking Coal from Australia) $100 $400 鉄鉱石 ＦＯＢ 豪州強粘炭FOB 鉄鉱石 ターム契約FOB 豪州強粘炭 ターム契約FOB $90 $350 $80 $300 $70 $250 $60 $200 $50 $150 $40 $100 $30 $50 Hard Coaking Coal Term-contract FOB

  25. Slide 25: Metal Spread Trend

    JFE Steel Overseas Metal Spread Trend Market Environment (Chinese Spot Basis) ($/t) ($/t) 700 700 600 600 500 500 HRC 400 400 300 300 200 200 100 100 Metal Spread 0 0 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jan-12

  26. Slide 26: Financial Forecasts for FY2017 of JFE Steel

    JFE Steel Financial Forecasts for FY2017 of JFE Steel FY2016 FY2017 FY2017 Oct- Jan- Full Full year Full year 1H 2H Dec Mar year Previous Actual Actual Actual Forecast Forecast Forecast Forecast Billion Net Sales 2,349.1 2,720.0 1,294.7 697.2 738.1 1,435.3 2,730.0 Yen Ordinary Billion 40.5 150.0 84.

  27. Slide 27: 35.0 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 35.0 Billion Yen increase in JFE Steel’s Ordinary Income (FY17 (Previous Forecast) vs. FY17 (Updated Forecast)) (billion yen) FY2017 FY2017 Change JFE Steel Previous Updated Previous Forecast Forecast →Updated Ordinary Income 150.0 185.0 35.0  Cost reductions ± 0.0  Volume and Mix ± 0.0

  28. Slide 28: 30.8 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 30.8 Billion Yen decrease in JFE Steel’s Ordinary Income (FY17 3Q (Actual) vs. FY17 4Q (Forecast)) (billion yen) Change JFE Steel 1H (A) 2H (F) FY2017 3Q 3Q (A) 4Q (F) (F) →4Q Oct-Dec Jan-Mar Ordinary Income 84.6 65.6 34.8 100.4 185.0 (30.8)  Cost reductions ＋ 4.0  Sales and Raw material

  29. Slide 29: 144.5 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 144.5 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 (Actual) vs. FY17 (Forecast)) (billion yen) FY2016 FY2017 Change JFE Steel Actual Forecast FY16→17 Ordinary Income 40.5 185.0 144.5  Cost reductions ＋ 45.0  Volume and Mix ＋ 8.0  Sales and Raw materials ＋ 110.0  Inventory

  30. Slide 30: JFE Engineering Financial Forecasts for Fiscal Year 2017

    ＪＦＥ Engineering Financial Forecasts for Fiscal Year 2017 30 30

  31. Slide 31: Financial Forecasts for FY2017 of JFE Engineering

    JFE Engineering Financial Forecasts for FY2017 of JFE Engineering (billion yen） FY2017 FY2017 Change (Previous Forecast) (Updated Forecast) 2H Full year 2H Full year 2H Full year Orders 277.8 500.0 277.8 500.0 0.0 0.0 Net Sales 259.8 420.0 239.8 400.0 (20.0) (20.0) Ordinary Income 22.5 25.0 16.5 19.

  32. Slide 32: Financial Forecast for FY2017 of JFE Engineering

    JFE Engineering Financial Forecast for FY2017 of JFE Engineering (billion yen） FY2016(A) FY2017 (F) Change 2H Full year 2H Full year 2H Full year Orders 237.5 424.4 277.8 500.0 40.3 75.6 Net Sales 250.8 426.1 239.8 400.0 (11.0) (26.1) Ordinary Income 19.0 26.6 16.5 19.0 (2.5) (7.6) 【Change(Full year

  33. Slide 33: Classification of placed orders

    JFE Engineering Classification of placed orders （billion yen） FY2016 FY2017 Category Change Main Orders (FY2017) (A) (F) - Construction of the waste to energy plant in Meguro-Ward - Construction of the waste to energy plant in Lithuania Environment 157.4 200.0 42.6 - Improvement works of the waste i

  34. Slide 34: Trend of Orders and Ordinary Income of JFE Engineering

    JFE Engineering Trend of Orders and Ordinary Income of JFE Engineering  Ordinary Income in FY17 is forecast to decrease with one-off items including time gap of recording sales and additional cost for overseas project, in addition to decrease with decrease in orders of the previous year.  Ordinary

  35. Slide 35: JFE Shoji Financial Forecasts for Fiscal Year 2017

    ＪＦＥ Shoji Financial Forecasts for Fiscal Year 2017 35 35

  36. Slide 36: Financial Forecasts for FY2017 of JFE Shoji

    JFE Shoji Financial Forecasts for FY2017 of JFE Shoji （billion yen） FY2017 FY2017 Change (Previous Forecast) (Updated Forecast) Full Full Full 2H 2H 2H year year year Net Sales 913.8 1,830.0 983.8 1,900.0 70.0 70.0 Ordinary Income 12.8 29.0 15.8 32.0 3.0 3.0 【Ordinary Income Change(Full year)】 ・Incr

  37. Slide 37: Financial Forecasts for FY2017 of JFE Shoji

    JFE Shoji Financial Forecasts for FY2017 of JFE Shoji （billion yen） FY2016 (A) FY2017 (F) Change Full Full 2H 2H 2H Full year year year Net Sales 895.2 1,671.0 983.8 1,900.0 88.6 229.0 Ordinary 14.2 21.8 15.8 32.0 1.6 10.2 Income 【Ordinary Income Change(Full year)】 ・Increase with improvement in prof

  38. Slide 38: Net Sales of JFE Shoji (by Segment)

    JFE Shoji Net Sales of JFE Shoji (by Segment) （billion yen） FY2016 (A) FY2017 (F) Change Domestic Business 880.5 965.0 84.5 Export 383.4 469.0 85.6 Overseas 638.3 772.0 133.7 Business Foreign 254.9 303.0 48.1 Operation Raw Materials, Equipment etc. 152.2 163.0 10.8 TOTAL 1,671.0 1,900.0 229.0 38

  39. Slide 39: JFE Holdings Financial Forecasts for Fiscal Year 2017

    ＪＦＥ Holdings Financial Forecasts for Fiscal Year 2017 39 39

  40. Slide 40: Financial Forecasts for Fiscal Year 2017

    JFE-HD Financial Forecasts for Fiscal Year 2017 (billion yen) FY2016 (A) FY2017 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,308.9 2,670.8 999.2 3,670.0 361.1 Operating Income 96.7 172.3 57.8 230.0 133.3 Non-operating Income (12.0) (1.8) (8.2) (10.0) 2.0 (Expenses) Ordinary I

  41. Slide 41: Underlying Profit before One-off Effects

    JFE-HD Underlying Profit before One-off Effects （billion yen） FY15 FY16 FY17 1H 2H Actual Actual Forecast Actual Forecast Net Sales 3,431.7 3,308.9 1,725.3 1,944.7 3,670.0 Ordinary Income 64.2 84.7 101.4 118.6 220.0 ROS(*) 1.9% 2.6% 5.9% 6.1% 6.0% One-off Effects (78.0) 28.0 9.0 20.0 29.0 Underlying

  42. Slide 42: Trend of Main Indices ①

    JFE-HD Trend of Main Indices ① (Comparison with the Target of Fifth Medium-Term Business Plan) JFE Holdings JFE Steel 【ROE】 【ROS】 10.0% 10.0% More Than 10% 6.8% 10% 8.3% 5.0% 5.0% 1.7% 1.1% 3.7% 1.8% 0.0% 0.0% 15年度 16年度 17年度 5次中期 FY15 15年度 FY16 16年度 FY17 17年度 FY17 5次中期 FY15 FY16 FY17 FY17 (見通し) 経営計画

  43. Slide 43: Trend of Main Indices ②

    JFE-HD Trend of Main Indices ② (Comparison with the Target of Fifth Medium-Term Business Plan) D/E Ratio Debt / EBITDA Ratio (right axis) (right axis) (billion yen) (billion yen) 1,500 60% 60% 800 (times) 6.0 5.4 56.9% 4.9 Approx. 50％ 50% 50% 51.4% 47.9% 3.4 1,400 40% 400 393 3.0 1,379 1,375 280 254

  44. Slide 44: Cash Flow Forecasts of FY2017

    JFE-HD Cash Flow Forecasts of FY2017 (billion yen) Source Usage Net Income Dividends 160 35 Working Capital etc. 60 Capex, Investments 270 Depreciation 160 Asset Sales 70 Repayment of Debt 25 390 390 44

  45. Slide 45: Dividends

    JFE Dividends 45

  46. Slide 46: Dividends

    JFE-HD Dividends  JFE Holdings has decided to propose at its general meeting of shareholders a yearend dividend of 50 yen per share, which would bring the annual dividend to 80 yen per share. 46

  47. Slide 47: Appendix

    Appendix 47 47

  48. Slide 48: Main Financial Data

    JFE-HD Main Financial Data (Forecast) FY03 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 (bn. Yen) Ordinary Income 218.3 502.9 400.5 69.2 165.8 52.9 52.2 173.6 231.0 64.2 84.7 220.0 EBITDA ※1 432.3 741.4 670.8 337.1 428.9 306.3 260.6 368.9 421.5 254.4 279.9 393.0 ROS ※2 8.8％ 14.2％ 10.2％ 2.4

  49. Slide 49: Price Trend of Import Steel

    55 40 45 50 60 65 70 Jan Feb Mar (000 yen/ton) Apr May Jun Jul 2013 Aug Sep Oct Nov Dec Jan Feb Mar Domestic Apr May Import Steel from S. Korea Jun Jul 2014 Data: Japanese Steel Association Market Environment Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2015 Aug Sep Oct Nov Dec Jan Feb Mar Apr Ma

  50. Slide 50: Auto Sales in Key Countries

    JFE Steel Overseas Market Environment Auto Sales in Key Countries Automobile Sales in Key Countries (YoY Change) 60% S. Korea China Indonesia Thailand India 40% 20% 0% -20% -40% -60% Jan Sep Jan Sep Jan Sep Jan Sep Jan Sep Jul Jul Jul Jul Jul Oct Oct Oct Oct Oct Apr Apr Apr Apr Apr Jun Jun Jun Jun J

  51. Slide 51: Exports from China by Products

    2,000 4,000 6,000 8,000 10,000 12,000 0 (000t) Jan Feb Mar Apr May Jun 2013 Jul Aug Sep CGL HRC CRC Oct Nov Dec HRC (Alloy) Jan Rod&Wire etc. Feb Overseas Mar Apr May Jun 2014 Jul Market Environment Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2015 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2016 Jun

  52. Slide 52: Raw Materials Trend of Metals' Market Price

    1,200 1,400 1,600 1,000 400 600 800 100.0 120.0 140.0 160.0 180.0 60.0 80.0 2013.1 2013.1 （￠/lb） FeCr 2013.7 2013.7 （U$/t） FeMn 2014.1 2014.1 2014.7 2014.7 2015.1 2015.1 2015.7 2015.7 2016.1 2016.1 2016.7 2016.7 2017.1 2017.1 2017.7 2017.7 2018.1 2018.1 10.00 12.00 14.00 16.00 4.00 2.00 6.00 8.00 1,

  53. Slide 53: Raw Materials Trend of Market Price

    10000 15000 20000 25000 30000 35000 40000 45000 20,000 40,000 60,000 80,000 0 100,000 120,000 2010.4 2010.4 2010.10 2010.10 2011.4 (yen/t） Scrap 2011.4 2011.10 2011.10 (yen/t）LNG Price 2012.4 2012.4 2012.10 2012.10 2013.4 2013.4 2013.10 2013.10 2014.4 2014.4 2014.10 2014.10 2015.4 2015.4 2015.10 201

  54. Slide 54: Cost Reductions (Steel Business)

    JFE Steel Cost Reductions (Steel Business) (billion yen) 140 120 100 80 60 120 120 (forecast) 92 40 80 70 56 50 50 20 41 40 45 33 30 35 30 - 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 JFE Steel (non-consolidated basis) 54

  55. Slide 55: Trend of exchange rate

    Trend of exchange rate（against USD,KRW） JPY/USD JPY/KRW 130 0.14 0.13 120 JPY/USD 0.12 (left axis) 110 0.11 100 0.10 JPY/KRW (right axis) 0.09 90 0.08 80 0.07 70 0.06 May-14 Oct-13 Oct-16 Mar-12 Mar-16 Dec-11 Dec-15 Jan-15 Jan-18 Jan-11 Sep-14 Jul-16 Sep-17 Jul-12 Aug-11 Aug-15 Jun-13 Jun-17 Apr-15

  56. Slide 56: 15.8 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 15.8 Billion Yen increase in JFE Steel’s Ordinary Income (FY17 1H (Actual) vs. FY17 2H (Forecast)) (billion yen) FY2017 (F) Change JFE Steel 1H (A) 2H (F) 1H→2H Ordinary 84.6 100.4 185.0 15.8 Income  Cost reductions ＋ 10.0  Volume and Mix ＋ 9.0 ・Increase in depreciation cost  Sales and

  57. Slide 57: Progress of Fifth Medium-Term Business Plan

    Progress of Fifth Medium-Term Business Plan 57 57

  58. Slide 58: Progress of Strengthening Domestic Manufacturing Base

    JFE Steel Progress of Strengthening Domestic Manufacturing Base Decided to carry out CAPEX of Renewal of Coke Oven at Fukuyama and New Continuous Casting Machine at Kurashiki ahead of the next medium-term business plan due to facility’s highly strategic importance <Progress of main items> Fifth Medi

  59. Slide 59: Progress of Cost Reduction

    JFE Steel Progress of Cost Reduction Achieve 110billion yen cost reduction for 3 years as planned (billion yen） Progress of Cost Reduction Main items of investment effects 120 Main investment effects of FY17 Renovation of coke ovens ・Kurashiki No.2 coke oven Improve self-sufficiency rate of coke us

  60. Slide 60: Progress of Overseas Business

    JFE Steel Progress of Overseas Business -Strengthen business in prioritized field especially in auto sector -Pursue growth investment from a middle- & long-term perspective Prioritized Asia Southwest NAFTA MENA Business Field China Southeast Asia Asia ・Held ground- Automobiles ・GJSS（CGL） breaking ce

  61. Slide 61: Copyright © 2018 JFE Holdings, Inc.

    Copyright © 2018 JFE Holdings, Inc. All Rights Reserved 61

JFE Holdings — Q3 FY2017 Earnings Presentation on 6ix