Jfe Holdings, Inc. · TSE:5411

Jfe — Q3 FY2016 Earnings Presentation

61 slides from Jfe's earnings presentation, Jan 31, 2017

  1. Slide 1: Financial Results through Third Quarter of Fiscal Year 2016

    JFE Group Financial Results through Third Quarter of Fiscal Year 2016 ending March 31, 2017 JFE Holdings, Inc. January 31, 2017

  2. Slide 2: A table of contents

    A table of contents  JFE Holdings’ Financial Results through Third Quarter of Fiscal 2016 (April 1 to December 31, 2016) and Financial Forecasts for Fiscal 2016 (April 1, 2016 to March 31, 2017)  JFE Steel  JFE Engineering  JFE Shoji  Dividends This presentation material is for information and

  3. Slide 3: Consolidated Results through Third Quarter of Fiscal 2016

    Consolidated Results through Third Quarter of Fiscal 2016 (April 1 to December 31, 2016) 33

  4. Slide 4: Financial Results through Third Quarter of Fiscal 2016

    JFE-HD Financial Results through Third Quarter of Fiscal 2016 (billion yen) FY2015 FY2016 Change Through 3Q Through 3Q Net Sales 2,548.0 2,311.7 (236.3) Operating Income 74.7 36.4 (38.3) Non-operating Income (Expense) (11.6) 7.7 19.3 Ordinary Income 63.0 44.1 (18.9) Extraordinary Profit 7.2 11.9 4.7

  5. Slide 5: Financial Results through Third Quarter of Fiscal 2016 (extraordinary items)

    JFE-HD Financial Results through Third Quarter of Fiscal 2016 (billion yen) FY2015 FY2016 Through 3Q Through 3Q 1H Oct-Dec 1H Oct-Dec Gain on sales of - 7.2 7.2 3.5 16.4 19.9 investment securities Extraordinary income - 7.2 7.2 3.5 16.4 19.9 Impairment loss - - - - (8.0) (8.0) Extraordinary loss - -

  6. Slide 6: Financial Results through Third Quarter of Fiscal 2016 (by Segment)

    JFE-HD Financial Results through Third Quarter of Fiscal 2016 (by Segment) (billion yen) FY2015 FY2016 Change Through 3Q Through 3Q Steel Business 1,849.9 1,655.5 (194.4) Engineering Business 255.3 277.4 22.1 Trading Business 1,330.3 1,180.7 (149.6) Adjustments (887.5) (802.0) 85.5 Net Sales 2,548.0

  7. Slide 7: Forecasts of Consolidated Financial Results in Fiscal 2016

    Forecasts of Consolidated Financial Results in Fiscal 2016 (April 1, 2016 to March 31, 2017) 77

  8. Slide 8: Financial Forecasts for Fiscal 2016

    JFE-HD Financial Forecasts for Fiscal 2016 (billion yen) Previous Updated Forecast Forecast Change (Oct. 28, 2016) (Jan. 31, 2017) Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,290.0 2,311.7 1,008.4 3,320.0 30.0 Operating Income 50.0 36.4 43.7 80.0 30.0 Non-operating Income (Expense) (20

  9. Slide 9: Financial Forecasts for Fiscal 2016 (by Segment)

    JFE-HD Financial Forecasts for Fiscal 2016 (by Segment) (billion yen) Previous Updated Forecast Forecast Change (Oct. 28, 2016) (Jan. 31, 2017) Full year Apr-Dec Jan-Mar Full year Full year Steel Business 2,270.0 1,655.5 674.6 2,330.0 60.0 Engineering Business 450.0 277.4 172.7 450.0 0 Trading Busin

  10. Slide 10: Financial Forecasts for Fiscal 2016

    JFE-HD Financial Forecasts for Fiscal 2016 (billion yen) FY2015 (A) FY2016 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,431.7 2,311.7 1,008.4 3,320.0 (111.7) Operating Income 90.6 36.4 43.7 80.0 (10.6) Non-operating Income (26.3) 7.7 (17.7) (10.0) 16.3 (Expense) Ordinary Inco

  11. Slide 11: Financial Forecasts for Fiscal 2016 (by Segment)

    JFE-HD Financial Forecasts for Fiscal 2016 (by Segment) (billion yen) FY2015 (A) FY2016 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Steel Business 2,445.1 1,655.5 674.6 2,330.0 (115.1) Engineering Business 397.5 277.4 172.7 450.0 52.5 Trading Business 1,756.4 1,180.7 459.3 1,640.0 (116.

  12. Slide 12: JFE Steel

    ＪＦＥ Steel Financial Results through Third Quarter of Fiscal Year 2016 12 12

  13. Slide 13: Production and Shipment

    JFE Steel Production and Shipment (million tons) ■Crude Steel Production and Shipment (non-consolidated basis) FY2015 FY2016 Change Apr-Dec Apr-Dec Apr-Jun Jul-Sep Oct-Dec A B B-A Crude Steel 20.43 6.94 7.06 7.12 21.12 0.69 Shipment 18.82 6.26 6.34 6.43 19.02 0.20 ■Crude Steel Production (consolidat

  14. Slide 14: 27.2 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 27.2 Billion Yen decrease in JFE Steel’s Ordinary Income (FY15 through 3Q vs. FY16 through 3Q) (billion yen) FY2015 FY2016 Change JFE Steel Apr-Dec 1Q 2Q 3Q Apr-Dec Apr-Jun Jul-Sep Oct-Dec Ordinary Income 40.8 (20.3) (4.1) 38.0 13.6 (27.2)  Volume and Mix ± 0.0  Sales and Raw materials －

  15. Slide 15: 42.1 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 42.1 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 2Q vs. FY16 3Q) (billion yen) Change JFE Steel 1Q 2Q 3Q 4Q FY2016 2Q Apr-Jun Jul-Sep Oct-Dec Jan-Mar →3Q Ordinary Income (20.3) (4.1) 38.0 11.4 25.0 42.1  Volume and Mix ＋ 2.0  Sales and Raw materials －28.0  Cost reduction ＋

  16. Slide 16: JFE Steel

    ＪＦＥ Steel Financial Forecasts for Fiscal Year 2016 16 16

  17. Slide 17: Current Business Environment (Domestic)

    JFE Steel Current Business Environment (Domestic) Domestic steel demand in FY16 is forecast to slightly increase from FY15. In the 2nd half of FY16, domestic steel demand is forecast to increase in the automobile and construction sectors. Total ordinary steel orders in November 2016 increased by 1

  18. Slide 18: Market Environment: Domestic Combined Inventories

    JFE Steel Domestic Combined Inventories of HR, Market Environment CR and Coated Steel Sheet （000t） Maker Whole Saler （Month） 5,000 Coil Center Inventory Ratio (Right) 4 4,500 4,000 3 3,500 3,000 2,500 2 2,000 1,500 1 1,000 Nov, 2016 500 3,826kt 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） Inventories Shipment Inventory Ratio (Right) （Month） (000t) (Month) 450 Inventories Inventory Ratio 250 3.0 4.0 3.5 2.5 200 400

  20. Slide 20: Trend of Import Steel (Ordinary Steel)

    0 100 300 500 200 400 600 Jan Feb Mar （000t） Apr May Jun Jul 2012 Aug Sep Oct Nov Dec Jan Feb Mar Apr Domestic May Jun Jul 2013 Aug Market Environment Sep S. Korea Oct Nov Dec Jan Feb Mar China Apr May Jun Jul 2014 Aug Sep Taiwan Oct Nov Dec Jan Feb Mar (Ordinary Steel) Others Apr May Jun Jul 2015 A

  21. Slide 21: Current Business Environment (Overseas)

    JFE Steel Current Business Environment (Overseas) Chinese apparent crude steel consumption in 2016 increased by 2.0% year-on-year basis due to economic stimulus measures including infrastructure investments and increase in auto production with expansion of personal consumption. Though coking coal

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

    JFE Steel Overseas Market Environment Crude Steel & Im/Export, China Mt Export Import Crude Steel (Right) Mt 12 80 70 10 60 8 50 6 YoY 40 2016 Mt Change 30 4 Crude Steel 808 +1.2% 20 Export 108 -3.0% 2 10 0 0 Mar May May Mar May Mar May Mar Mar May Sep Sep Sep Sep Sep Jul Jul Jun Jul Jul Jun Jul Jun

  23. Slide 23: Metal Spread Trend

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

  24. Slide 24: Raw Materials Price

    JFE Steel Raw Materials Raw Materials Price （$/t） 330 350 315 300 285 Hard Coking Coal 285 300 225 225 Iron Ore (Fe62%) 250 210 200 209 200 200 225 235 165172 145152143 150 125116 120120119117110 171169167 170 93 147 137 93 89 144 136 137126 81 84 100 129120 127 130 117 118122118 46 55 98 90 103 99

  25. Slide 25: Production and Shipment Forecasts

    JFE Steel Production and Shipment Forecasts ■Crude Steel Production (non-consolidated basis) (million tons) FY2015 1H 2H FY2016 3Q 4Q (Actual) (Actual) (Actual) (Estimate) (Estimate) (Estimate) Crude Steel 27.36 14.00 7.12 Full year estimate 28.20 Shipment 25.39 12.60 6.43 Full year estimate 25.80 A

  26. Slide 26: Financial Forecasts for FY2016 of JFE Steel

    JFE Steel Financial Forecasts for FY2016 of JFE Steel (billion yen) FY2015 FY2016 FY2 0 1 6 Change Change Previous Updat e d FY2015 Previous JFE Steel (Actual) 1H 2H Forecast Fo r e c ast →FY2016 →Updated A B C C-A C-B Net Sales 2,445.1 2,270.0 1,072.4 1,257.6 2,330.0 (115.1) 60.0 Ordinary Income 27

  27. Slide 27: 40.0 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 40.0 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 (Previous Forecast) vs. FY16 (Updated Forecast)) (billion yen) FY2016 FY2016 Change JFE Steel Previous Updated Previous Forecast Forecast →Updated Ordinary Income (15.0) 25.0 40.0  Volume and Mix ＋ 5.0  Sales and Raw material

  28. Slide 28: 2.8 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 2.8 Billion Yen decrease in JFE Steel’s Ordinary Income (FY15 (Actual) vs. FY16 (Forecast)) (billion yen) FY2015 FY2016 Change JFE Steel Actual Forecast FY15→16 Ordinary Income 27.8 25.0 (2.8)  Volume and Mix ± 0.0  Sales and raw materials －100.0  Cost reduction ＋ 30.0  Inventory valua

  29. Slide 29: 73.8 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 73.8 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 1H (Actual) vs. FY16 2H (Forecast)) (billion yen) FY2016 (F) Change JFE Steel 1H (A) 2H (F) 1H→2H Ordinary (24.4) 49.4 25.0 73.8 Income  Volume and Mix ＋ 9.0  Sales and raw materials － 50.0  Cost reduction ＋ 7.0  Inventory

  30. Slide 30: 26.6 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 26.6 Billion Yen decrease in JFE Steel’s Ordinary Income (FY16 3Q (Actual) vs. FY16 4Q (Forecast)) (billion yen) Change JFE Steel 1H (A) 2H (F) FY2016 3Q 3Q (A) 4Q (F) (F) →4Q Oct-Dec Jan-Mar Ordinary Income (24.4) 38.0 11.4 49.4 25.0 (26.6)  Volume and Mix ＋ 1.0  Sales and raw materials

  31. Slide 31: JFE Steel Develops Technology for 1470MPa-Grade Cold-rolled Steel Sheet

    JFE Steel Develops Technology for 1470MPa-Grade Cold-rolled Steel Sheet ~New Bumper Reinforcements Being Supplied for Commercial Vehicles~ 31

  32. Slide 32: JFE Steel Develops 1470MPa-Grade Cold-rolled Steel Sheet

    JFE Steel JFE Steel Develops Technology for 1470MPa-Grade Cold-rolled Steel Sheet ~New Bumper Reinforcements Being Supplied for Commercial Vehicles~ （announced on November 11, 2016） - selected as the winner of the Japanese Trade and Industry Minister’s 2016 Award for eco-products - Developed world’s

  33. Slide 33: JFE Engineering Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Engineering Financial Forecasts for Fiscal Year 2016 33 33

  34. Slide 34: Financial Forecast for FY2016 of JFE Engineering

    JFE Engineering Financial Forecast for FY2016 of JFE Engineering (billion yen） FY2016 FY2016 Change (Previous Forecast) (Updated Forecast) 2H Full year 2H Full year Full year Orders 313.1 500.0 313.1 500.0 0 Net Sales 274.7 450.0 274.7 450.0 0 Ordinary Income 19.4 27.0 19.4 27.0 0 34

  35. Slide 35: Financial Forecast for FY2016 of JFE Engineering

    JFE Engineering Financial Forecast for FY2016 of JFE Engineering (billion yen） FY2015(A) FY2016 (F) Change 2H Full year 2H Full year Full year Orders 312.2 509.4 313.1 500.0 (9.4) Net Sales 244.0 397.5 274.7 450.0 52.5 Ordinary Income 20.0 20.0 19.4 27.0 7.0 【Change】 (FY2015 Full year to FY2016 Full

  36. Slide 36: Classification of placed orders

    JFE Engineering Classification of placed orders （billion yen） FY2015 FY2016 Category Change Main Orders (FY2016) (Actual) (Forecast) - Improvement works of waste incineration (Maebashi-City etc.) - Construction of “Clean Center” (Miyagi-Pref.) Environment, - Maintenance of “West Clean Center” (Saseb

  37. Slide 37: J&M Steel Solutions Co. re-expands its capacity

    JFE Engineering Ｊ＆Ｍ Steel Solutions Co. re-expands its capacity （announced on November 7, 2016） To capture expanding needs for infrastructure construction of large steel structures like bridges in Myanmar and neighboring countries, the company which has been operating full will expand the plant’s an

  38. Slide 38: Trend of Orders and Ordinary Income

    JFE Engineering Trend of Orders and Ordinary Income [Orders (billion Yen)] [Ordinary Income (billion Yen)] 600 30 500.0 509.4 27.0 500 25 459.5 20.0 400 367.0 20 18.0 Ordinary Income 16.4 （Right Axis） 18.4 300 269.8 15 Steel Structure, Industrial Machinery etc. 200 10 100 5 Environment, Energy 0 0 F

  39. Slide 39: JFE Shoji Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Shoji Financial Forecasts for Fiscal Year 2016 39 39

  40. Slide 40: Financial Forecasts for FY2016 of JFE Shoji

    JFE Shoji Financial Forecasts for FY2016 of JFE Shoji （billion yen） FY2016 FY2016 Change (Previous forecast) (Updated forecast) 1H Full year 1H (A) Full year Full year Net Sales 894.2 1,670.0 864.2 1,640.0 (30.0) Ordinary Income 12.4 20.0 13.4 21.0 1.0 【Ordinary Income Change: FY2016 (Previous forec

  41. Slide 41: Financial Forecasts for FY2016 of JFE Shoji

    JFE Shoji Financial Forecasts for FY2016 of JFE Shoji （billion yen） FY2016 (A) FY2016 (F) Change 2H Full year 2H (A) Full year Full year Net Sales 841.9 1,756.4 864.2 1,640.0 (116.4) Ordinary Income 5.9 15.7 13.4 21.0 5.3 【Ordinary Income Change: FY2015 to FY2016 】 ◆Domestic Business ・Increase of sa

  42. Slide 42: Net Sales of JFE Shoji (by Segment)

    JFE Shoji Net Sales of JFE Shoji (by Segment) (billion yen) FY2015 (A) FY2016 (F) Change Domestic Business 905.3 882.2 (23.1) Export 417.7 370.3 (47.4) Overseas 689.0 622.3 (66.7) Business Foreign 271.3 252.0 (19.3) Operation Raw Materials, Equipment etc. 162.1 135.5 (26.6) TOTAL 1,756.4 1,640.0 (11

  43. Slide 43: JFE Holdings Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Holdings Financial Forecasts for Fiscal Year 2016 43 43

  44. Slide 44: Financial Forecasts for Fiscal 2016

    JFE-HD Financial Forecasts for Fiscal 2016 (billion yen) FY2015 (A) FY2016 (F) Change Full year Apr-Dec Jan-Mar Full year Full year Net Sales 3,431.7 2,311.7 1,008.4 3,320.0 (111.7) Operating Income 90.6 36.4 43.7 80.0 (10.6) Non-operating Income (26.3) 7.7 (17.7) (10.0) 16.3 (Expense) Ordinary Inco

  45. Slide 45: Underlying Profit before One-off Effects

    JFE-HD Underlying Profit before One-off Effects (billion yen) FY2015 1H 2H FY2016 Actual Actual Forecast Forecast Net Sales 3,431.7 1,499.5 1,820.5 3,320.0 Ordinary Income (Loss) 64.2 (10.1) 80.1 70.0 ROS (*) 1.9% (0.7%) 4.4% 2.1% One-off Effects (78.0) (48.0) 73.0 25.0 Underlying Profit 140.0 38.0

  46. Slide 46: Cash Flow Estimate of FY2016

    JFE-HD Cash Flow Estimate of FY2016 (billion yen) For further strengthening the manufacturing base and Source Usage investment business overseas with Net Income Dividends, financial soundness, JFE is selling 50Working Capital etc. assets of 100 billion yen including sale of investment securities by

  47. Slide 47: Dividends

    JFE Dividends 47

  48. Slide 48: Dividends

    JFE-HD Dividends  JFE Holdings has decided to propose at its general meeting of shareholders a yearend dividend of 20 yen per share, which would bring the annual dividend to 20 yen per share. 48

  49. Slide 49: Appendix

    Appendix 49 49

  50. Slide 50: Main Financial Data

    JFE-HD Main Financial Data (Forecast) FY03 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Ordinary Income (Bn. 218.3 502.9 400.5 69.2 165.8 52.9 52.2 173.6 231.0 64.2 70.0 Yen) ROS ※1 8.8% 14.2% 10.2% 2.4% 5.2% 1.7% 1.6% 4.7% 6.0% 1.9% 2.1% ROE ※2 15.9% 17.5% 13.7% 3.3% 4.1% (2.6%) 2.7% 6.3% 7.7%

  51. Slide 51: Price Trend of Import Steel

    JFE Steel Domestic Market Environment Price Trend of Import Steel (000 yen/ton) 70 65 60 55 50 45 40 July June Jun Jun Jul Jul Jul Jun Feb Feb Feb Feb Apr Apr Apr Apr Aug Aug Aug Aug Oct Oct Oct Oct May Dec Dec Dec Nov Mar Nov Mar Mar May May Nov Nov Mar May Jan Jan Jan Jan Sep Sep Sep Sep 2013 2014

  52. Slide 52: 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 Jan Sep Sep Jan Sep Jan Sep Jul Jul Jul Jul Oct Oct Oct Oct Jun Jun Jun Jun Apr Apr Apr Apr Aug Aug Aug Aug Mar F

  53. Slide 53: Exports from China by Products

    2,000 4,000 6,000 8,000 10,000 12,000 0 Jan 000t Feb Mar Apr May Jun Jul 2011 Aug Sep Oct Nov CGL HRC CRC Dec Jan Feb Mar HRC (Alloy) Apr Rod&Wire etc. May Jun Overseas Jul 2012 Aug Sep Oct Nov Market Environment Dec Jan Feb Mar Apr May Jun Jul 2013 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 20

  54. Slide 54: 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 Feb Apr Apr Apr Apr Apr Apr Aug Aug Aug Aug Aug Aug Jan J

  55. Slide 55: Daily average crude steel production in China

    JFE Steel Overseas Daily average crude steel Market Environment production in China (Mt/day） 250 Daily average production： left axis 110% 200 105% 150 100% 100 95% YoY % changes： right axis 50 90% 0 85% ※Daily Average Production ＝ Monthly Production / Dates 55

  56. Slide 56: Crude Steel Production in China by Steel Mills

    JFE Steel Overseas Crude Steel Production in China Market Environment by Steel Mills 80,000 000t 140% YoY % changes （Top10+Other major mills）[Right axis] YoY % changes (Minor mills)[Right axis] 70,000 130% Minor steel mills 60,000 120% 50,000 110% 40,000 100% 30,000 Other major steel mills 90% 20,00

  57. Slide 57: Raw Materials Trend of Market Price

    10000 15000 20000 25000 30000 35000 40000 45000 120,000 100,000 20,000 40,000 60,000 80,000 0 2010/4/1 2010/4/1 2010/10/1 2010/10/1 2011/4/1 (yen/t） Scrap 2011/4/1 2011/10/1 2011/10/1 (yen/t）LNG Price 2012/4/1 2012/4/1 2012/10/1 2012/10/1 2013/4/1 2013/4/1 2013/10/1 2013/10/1 2014/4/1 2014/4/1 2014/

  58. Slide 58: Raw Materials Trend of Metals' Market Price

    JFE Steel Raw Materials Trend of Metals’ Market Price （￠/lb） FeCr （U$/t） FeSi 180 1,500 160 1,400 140 1,300 1,200 120 1,100 100 1,000 80 900 60 800 （U$/t） FeMn （U$/lb）Mo 1,600 16.00 1,400 14.00 1,200 12.00 10.00 1,000 8.00 800 6.00 600 4.00 400 2.00 58

  59. Slide 59: Trend of exchange rate (against USD, KRW)

    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 Jul-12 Jan-11 Jun-13 Jan-15 Jul-16 May-14 Oct-13 Oct-16 Apr-11 Apr-15 Dec-11 Nov-12 Dec-15 Aug-15 Aug-11 Sep-14 Mar-12 Mar-16 Feb-13

  60. Slide 60: Cost Reduction (Steel Business)

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

  61. Slide 61: Copyright © 2017 JFE Holdings, Inc. All Rights Reserved

    Copyright © 2017 JFE Holdings, Inc. All Rights Reserved 61

JFE Holdings — Q3 FY2016 Earnings Presentation on 6ix