Jfe Holdings, Inc. · TSE:5411

Jfe — Q1 FY2016 Earnings Presentation

62 slides from Jfe's earnings presentation, Jul 29, 2016

  1. Slide 1: JFE Group Financial Results in First Quarter of Fiscal Year 2016

    JFE Group Financial Results in First Quarter of Fiscal Year 2016 ending March 31, 2017 JFE Holdings, Inc. July, 2016

  2. Slide 2: A table of contents

    A table of contents  JFE Holdings’ Financial Results in First Quarter of Fiscal Year 2016 (April 1 to June 30, 2016) and Financial Forecasts for Fiscal Year 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 in First Quarter of Fiscal Year 2016

    Consolidated Results in First Quarter of Fiscal Year 2016 (April 1 to June 30, 2016) 33

  4. Slide 4: Financial Results of First Quarter of Fiscal Year 2016

    JFE-HD Financial Results of First Quarter of Fiscal Year 2016 (billion yen) FY2015 FY2016 Change 1Q (Apr-Jun) 1Q (Apr-Jun) Net Sales 857.1 740.6 (116.5) Operating Income 24.6 (4.2) (28.8) Non-operating Income 4.1 (9.1) (13.2) Ordinary Income 28.7 (13.3) (42.0) Extraordinary Profit (Loss) - - - Profi

  5. Slide 5: Financial Results of First Quarter of Fiscal Year 2016 (by Segment)

    JFE-HD Financial Results of First Quarter of Fiscal Year 2016 (by Segment) (billion yen) FY2015 FY2016 Change 1Q (Apr-Jun) 1Q (Apr-Jun) Steel Business 620.8 528.4 (92.4) Engineering Business 69.4 80.4 11.0 Trading Business 465.1 393.0 (72.1) Adjustments (298.4) (261.2) 37.2 Net Sales 857.1 740.6 (11

  6. Slide 6: Forecasts of Consolidated Financial Results in Fiscal Year 2016

    Forecasts of Consolidated Financial Results in Fiscal Year 2016 (April 1, 2016 to March 31, 2017) 66

  7. Slide 7: Financial Forecasts for Fiscal Year 2016

    JFE-HD Financial Forecasts for Fiscal Year 2016 (billion yen) FY2015 FY2016 Change Change 1H Full year 1H Full year 1H Full year Net Sales 1,713.2 3,431.7 1,530.0 (183.2) Operating Income 49.4 90.6 (5.0) (54.4) Non-operating Income (1.0) (26.3) (15.0) (14.0) Ordinary Income 48.3 64.2 (20.0) 65.0 (68

  8. Slide 8: Financial Forecasts for Fiscal Year 2016 (by Segment)

    JFE-HD Financial Forecasts for Fiscal Year 2016 (by Segment) (billion yen) FY2015 FY2016 Change Change 1H Full year 1H Full year 1H Full year Steel Business 1,246.0 2,445.1 1,100.0 (146.0) Engineering Business 153.5 397.5 180.0 26.5 Trading Business 914.5 1,756.4 780.0 (134.5) Adjustments (601.0) (1

  9. Slide 9: JFE Steel Financial Results in First Quarter of Fiscal Year 2016

    ＪＦＥ Steel Financial Results in First Quarter of Fiscal Year 2016 99

  10. Slide 10: Production and Shipment

    JFE Steel Production and Shipment (million tons) ■Crude Steel Production and Shipment (non-consolidated basis) FY2015 FY2015 FY2016 Change 1Q Full year 1Q A B B-A Crude Steel 6.54 27.36 6.94 4.0 Shipment 5.98 25.39 6.26 2.8 ■Crude Steel Production (consolidated basis) Crude Steel 7.19 29.75 7.52 3.3

  11. Slide 11: 7.3 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 7.3Billion Yen decrease in JFE Steel’s Ordinary Income (FY15 4Q vs. FY16 1Q) (billion yen) FY15 FY15 FY15 FY15 FY16 Change JFE Steel 1Q 2Q 3Q 4Q 1Q 4Q→1Q Ordinary 21.5 17.1 2.2 (13.0) (20.3) (7.3) Income  Cost reduction ＋ 1.0  Volume and Product mix 0.0  Sales and Raw materials ＋ 3.0 

  12. Slide 12: JFE Steel Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Steel Financial Forecasts for Fiscal Year 2016 12 12

  13. Slide 13: Current Business Environment

    Current Business Environment 13 13

  14. Slide 14: Current Business Environment (Domestic)

    JFE Steel Current Business Environment (Domestic) Domestic Business Environment Domestic steel consumption in FY16 is forecast to increase slightly compared with FY15, although some products are experiencing a delay in demand recovery. In the 2nd half of FY16, steel demand in auto sector and in c

  15. Slide 15: Domestic Market Environment: 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 May, 2016 1 1,000 4,176kt 500 0 0 Aug Aug Aug Aug Apr Apr Apr Apr Apr Oct Oct Oct Oct

  16. Slide 16: 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 3.0 250 4.0 3.5 2.5 400 200

  17. Slide 17: Trend of Import Steel

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

  18. Slide 18: Current Business Environment (Overseas)

    Current Business Environment（Overseas) Overseas Business Environment We are seeing a sign of the action for structural adjustments of steel industry in China, but still need to watch the production trend continuously. Chinese steel mills again started to increase their production level with steel

  19. Slide 19: 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 (Minor mills)[Right axis] YoY % changes （Top10+Other major mills）[Right axis] 70,000 130% 60,000 Minor steel mills 120% 50,000 110% 40,000 100% 30,000 Other major steel mills 90% 20,00

  20. Slide 20: Crude Steel and Import/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 40 30 4 20 2 10 0 0 Mar Mar Mar Mar Mar May May May May May Sep Sep Sep Sep Jul Jul Jul Jul Jun Jun Jun Jun Jun Feb Feb Feb Feb Feb Apr Apr Apr Apr Apr Aug Aug Aug Aug O

  21. Slide 21: Metal Spread Trend (Chinese Spot Basis)

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

  22. Slide 22: Raw Materials Price

    JFE Steel Raw Materials Raw Materials Price （$/t） 330 350 315 300 285 Hard Coking Coal 300 Iron Ore (Fe62%) 250 225 225 200 209 210 200 225 235 165172 145152143 150 125116 120120119117110 171169167 170 147 137 93 89 93 144 136 137126 81 84 100 129120 127 130 117 118122118 46 55 98 90 103 99 50 85 60

  23. Slide 23: 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 Oct-13 May-14 Mar-12 Mar-16 Dec-11 Dec-15 Jan-11 Jan-15 Aug-11 Jul-12 Aug-15 Jul-16 Sep-14 Apr-11 Apr-15 Feb-13 Feb-14 Jun-13 Nov-12

  24. Slide 24: Production and Shipment Forecasts

    JFE Steel Production and Shipment Forecasts (million tons) ■Crude Steel Production and Shipment (non-consolidated basis) FY2015 FY2016 1Q 2Q 1H (Actual) (Actual) (Forecast) (Forecast) Full Crude Steel 27.36 6.94 7.00 14.00 year 28.00 Shipment 25.39 6.26 6.70 13.00 ASP (000yen/t) 66.8 58.5 58 58 Exch

  25. Slide 25: Financial Forecasts for FY2016 of JFE Steel

    JFE Steel Financial Forecasts for FY2016 of JFE Steel (billion yen) FY2015 FY2016 Change 2015 JFE Steel 1H 2H 1H 2H 1Q → (A) (A) (A) (A) (F) (F) (F) 2016 Net Sales 1,246.0 1,199.1 2,445.1 528.4 1,100.0 Ordinary 38.6 (10.8) 27.8 (20.3) (33.0) 53.0 20.0 (7.8) Income ROS(*) 3.1% -0.9% 1.1% -3.8% -3.0%

  26. Slide 26: 7.6 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 7.6 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 1Q(Actual) vs. FY16 2Q(Forecast) ) (billion yen) FY2016（Forecast） Change JFE Steel 1Q 2Q 1H 1Q→2Q Ordinary (20.3) (12.7) (33.0) 7.6 Income  Cost reduction ＋ 1.0  Volume and Product mix 0.0  Sales and Raw materials － 4.0  Inv

  27. Slide 27: 22.2 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 22.2 Billion Yen decrease in JFE Steel’s Ordinary Income (FY15 2H(Actual) vs. FY16 1H(Forecast) ) (billion yen) FY 15 2H FY 16 1H Change JFE Steel (Actual) (Forecast) FY15 2H→FY16 1H Ordinary (10.8) (33.0) (22.2) Income  Cost reduction ＋ 7.0  Volume and Product mix ＋ 1.0  Sales and Raw

  28. Slide 28: 86.0 Billion Yen increase in JFE Steel's Ordinary Income

    JFE Steel 86.0 Billion Yen increase in JFE Steel’s Ordinary Income (FY16 1H (Forecast) vs. 2H (Forecast)) (billion yen) FY2016 (Forecast) Change JFE Steel 1H 2H Total 1H→2H Ordinary (33.0) 53.0 20.0 86.0 Income  Cost reduction ＋ 7.0  Volume and Product mix ＋ 4.0  Sales and Raw materials ＋ 15.0 

  29. Slide 29: 7.8 Billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 7.8 Billion Yen decrease in JFE Steel’s Ordinary Income (FY15(Actual) vs. FY16(Forecast) ) (billion yen) FY 15 FY 16 Change JFE Steel (Actual) (Forecast) FY15→FY16 Ordinary 27.8 20.0 (7.8) Income  Cost reduction ＋ 30.0  Volume and Product mix － 5.0 Product mix etc.  Sales and Raw materi

  30. Slide 30: Progress of Fifth Medium-Term Business Plan

    Progress of Fifth Medium-Term Business Plan 30 30

  31. Slide 31: JFE Steel, Nucor to set up a Joint Venture Producing Auto Steel Sheet in Mexico

    JFE Steel JFE Steel，Nucor to set up a Joint Venture Producing Auto Steel Sheet in Mexico （announced on June 9, 2016） Agreed to establish a joint venture in Mexico to manufacture and sell steel sheet for automobiles with Nucor Corporation, the largest steelmaker in the U.S. ⇒To capture growing demand

  32. Slide 32: Renovation and unification of the core system of all steel works

    JFE Steel Renovation and unification of the core system of all steel works ～Innovation of work-style through unifying business process～ （announced on June 7, 2016） Construct virtual one steel works to unify business process through renovating and unifying the core system of all steel works in JFE St

  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 Forecasts for FY16 of JFE Engineering

    JFE Engineering Financial Forecasts for FY16 of JFE Engineering (billion yen） FY2015（A) FY2016(F) Change Change 1H Full year 1H Full year 1H Full year Orders 197.2 509.4 220.0 22.8 Net Sales 153.5 397.5 180.0 26.5 Ordinary Income (0.0) 20.0 5.5 25.0 5.5 5.0 【Change】 （FY2015 1H to FY2016 1H) - Orders

  35. Slide 35: Classification of placed orders

    JFE Engineering Classification of placed orders （billion yen） FY2015 FY2016 Category Change Main Orders (FY2016 1Q) 1H (A) 1H (F) - Renovation work of waste incineration plant in Maebashi City - 1 Biomass power generation plant Environment, 142.0 160.0 18.0 - 3 Solar power stations Energy - Construc

  36. Slide 36: Trend of Orders and Ordinary Income

    JFE Engineering Trend of Orders and Ordinary Income [Orders (billion Yen)] [Ordinary Income (billion Yen)] 600 30 509.4 25.0 500 459.5 25 20.0 400 367.0 20 18.0 16.4 Ordinary Income 18.4 （Right Axis） 300 269.8 15 Steel Structure, Industrial Machinery etc. 200 10 100 Environment, Energy 5 0 0 FY2012

  37. Slide 37: Promotion of JFE HYPER REMOTE for increasing orders

    JFE Engineering Promotion of JFE HYPER REMOTE ® for increasing orders As the demand for construction and replacement of waste incineration plants is growing, will promote of JFE HYPER REMOTE ® and expand the businesses JFE HYPER REMOTE ® ：The remote operation support system of waste incineration pow

  38. Slide 38: JFE Shoji Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Shoji Financial Forecasts for Fiscal Year 2016 38 38

  39. Slide 39: Financial Forecasts for FY2016 of JFE Shoji

    JFE Shoji Financial Forecasts for FY2016 of JFE Shoji （billion yen） FY2015(A) FY2016(F) Change Change Full Full 1H 1H 1H Full year year year Net Sales 914.5 1,756.4 780.0 (134.5) Ordinary 9.8 15.7 7.5 20.0 (2.3) 4.3 Income 【Ordinary Income Change: FY2015 1H to FY2016 1H 】 ・Decrease with sales price

  40. Slide 40: Net Sales of JFE Shoji (by Segment)

    JFE Shoji Net Sales of JFE Shoji (by Segment) FY2015 FY2016 (billion yen) Change 1H (A) 1H (F) Domestic Business 462.3 421.4 (40.9) Export 221.0 182.6 (38.4) Overseas 367.5 291.6 (75.9) Business Foreign 146.5 109.0 (37.5) Operation Raw Materials, Equipment etc. 84.7 67.0 (17.7) TOTAL 914.5 780.0 (13

  41. Slide 41: JFE Holdings Financial Forecasts for Fiscal Year 2016

    ＪＦＥ Holdings Financial Forecasts for Fiscal Year 2016 41 41

  42. Slide 42: Financial Forecasts for Fiscal Year 2016

    JFE-HD Financial Forecasts for Fiscal Year 2016 (billion yen) FY2015 FY2016 Change Change 1H Full year 1H Full year 1H Full year Net Sales 1,713.2 3,431.7 1,530.0 (183.2) Operating Income 49.4 90.6 (5.0) (54.4) Non-operating Income (1.0) (26.3) (15.0) (14.0) Ordinary Income 48.3 64.2 (20.0) 65.0 (68

  43. Slide 43: Underlying Profit before One-off Effects

    JFE-HD Underlying Profit before One-off Effects (Billion yen) FY2015 FY2016 Actual Forecast Net Sales 3,431.7 - Ordinary Income 64.2 65.0 ROS (*) 1.9% - One-off Effects (78) (46) Underlying Profit 140 110 before One-off Effects ROS (*) 4.1% - *Return on Sales: Ordinary Income / Net Sales 43

  44. Slide 44: Debt Outstanding, D/E Ratio

    JFE-HD Debt Outstanding , D/E Ratio Debt Outstanding (forecast) at FY2016 1H-end will increase temporarily due to financing Subordinated Loan, but Net Debt Outstanding will decrease. Debt Outstanding at FY2016-end will decrease by asset sales etc. （Billion Yen） 59.0% D/E Ratio 1,600 58.1% 56.9% 1,50

  45. Slide 45: Financing Subordinated Loan of 200 billion yen

    JFE-HD Financing Subordinated Loan of 200 billion yen （announced on June 15, 2016）  Procure funds to promote further strengthening domestic manufacturing base and enhancing growth investment overseas in the fifth medium-term plan  Contribute to improve JFE’s financial strength without diluting its

  46. Slide 46: Dividends

    JFE Dividends 46

  47. Slide 47: Dividends

    JFE-HD Dividends  The company expects to forgo an interim dividend in response to current earnings.  A decision about the year-end dividend will be reached once actual performance becomes clearer. 47

  48. Slide 48: Appendix

    Appendix 48 48

  49. Slide 49: Main Financial Data

    JFE-HD Main Financial Data (Forecast) FY16 FY03 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 (1H) Ordinary Income (Bn. 218.3 502.9 400.5 69.2 165.8 52.9 52.2 173.6 231.0 64.2 (20.0) Yen) ROS ※1 8.8％ 14.2％ 10.2％ 2.4％ 5.2% 1.7% 1.6% 4.7% 6.0% 1.9% (1.3%) ROE ※2 15.9％ 17.5％ 13.7％ 3.3％ 4.1% (2.6%) 2.7%

  50. Slide 50: 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 Jul Jul Jul Jun Jun Jun June Feb Feb Feb Feb Apr Apr Apr Apr Aug Oct Aug Oct Aug Oct Mar Mar Mar Mar May May May Nov Nov Nov Dec Dec May Dec Jan Jan Jan Jan Sep Sep Sep 2013 2014 2015 2016 Data: Japa

  51. Slide 51: 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 Se p Jan Se p Jan Se p Jul Jul Jul Oct Oct Oct Jun Jun Jun Apr Apr Apr Apr Mar Mar Mar Mar Aug Aug Aug Feb Fe

  52. Slide 52: Exports from China by Products

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

  53. Slide 53: 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 Jan Jan J

  54. Slide 54: Trend of Scrap Price

    10,000 20,000 40,000 50,000 60,000 70,000 80,000 30,000 0 2005/4/1 2005/1… (yen/ton) 2006/4/1 2006/1… 2007/4/1 2007/1… 2008/4/1 2008/1… 2009/4/1 2009/1… 2010/4/1 2010/1… 2011/4/1 2011/1… 2012/4/1 2012/1… 2013/4/1 2013/1… Raw Materials Trend of Scrap Price 2014/4/1 2014/1… 2015/4/1 2015/1… 2016/4/1 J

  55. Slide 55: Trend of Spot Bulker Price

    50,000 0 100,000 150,000 200,000 250,000 300,000 2005/4/1 2005/10/1 ($/day) 2006/4/1 2006/10/1 2007/4/1 2007/10/1 2008/4/1 2008/10/1 2009/4/1 2009/10/1 2010/4/1 2010/10/1 2011/4/1 2011/10/1 2012/4/1 2012/10/1 2013/4/1 2013/10/1 2014/4/1 2014/10/1 2015/4/1 2015/10/1 Raw Materials Trend of Spot Bulker

  56. Slide 56: Trend of LNG Price

    (yen/ton) 20,000 40,000 60,000 80,000 120,000 100,000 0 2005/4/1 2005/10/1 2006/4/1 2006/10/1 2007/4/1 2007/10/1 2008/4/1 2008/10/1 2009/4/1 2009/10/1 2010/4/1 2010/10/1 2011/4/1 2011/10/1 2012/4/1 2012/10/1 2013/4/1 Raw Materials Trend of LNG Price 2013/10/1 2014/4/1 2014/10/1 2015/4/1 2015/10/1 20

  57. Slide 57: Trend of Oil Price

    40 80 20 60 0 120 160 100 140 2005-Apr Jul Oct 2006-… (crude oil: $/bbl) Apr WTI Jul Oct DUBAI 2007-… Apr Jul Oct 2008-… Bunker (JAPAN 380CST) Apr Jul Oct 2009-… Apr Jul Oct 2010-… Apr Jul Oct 2011-… Apr Jul Oct 2012-… Apr Jul Oct 2013-… Apr Jul Oct Raw Materials Trend of Oil Price 2014-… Apr Jul Oc

  58. Slide 58: 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) 58

  59. Slide 59: 41.8 billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 41.8 billion Yen decrease in JFE Steel’s Ordinary Income (FY15 1Q vs. FY16 1Q) (billion yen) FY15 FY15 FY15 FY15 FY16 Change JFE Steel 1Q 2Q 3Q 4Q 1Q 1Q→1Q Ordinary 21.5 17.1 2.2 (13.0) (20.3) (41.8) Income  Cost reduction ＋ 8.0  Volume and Product mix ＋ 3.0  Sales and Raw materials － 1

  60. Slide 60: 71.6 billion Yen decrease in JFE Steel's Ordinary Income

    JFE Steel 71.6 billion Yen decrease in JFE Steel’s Ordinary Income (FY15 1H (Actual) vs. FY16 1H (Forecast)) (billion yen) FY 15 1H FY16 1H Change JFE Steel Actual Forecast FY15 1H→FY16 1H Ordinary 38.6 (33.0) (71.6) Income  Cost reduction ＋ 13.0  Volume and Product mix 0.0  Sales and Raw materia

  61. Slide 61: Activities to expand business in energy field

    JFE Engineering Activities to expand business in energy field  Demand for construction of gas pipeline and more efficient gas supply facilities is expected to increase with the retail liberalization of city gas in 2017  To capture the growing demand with a lot of performance, unique developing tec

  62. Slide 62: Copyright © 2016 JFE Holdings, Inc. All Rights Reserved

    Copyright © 2016 JFE Holdings, Inc. All Rights Reserved 62

JFE Holdings — Q1 FY2016 Earnings Presentation on 6ix