Risk of an economic downturn in major demand industries such as automotive and steel

「In the automotive industry, our Group’s principal source of supply, domestic production remained below the previous year. Overseas, production volumes exceeded the previous year in China and India, but remained below it in the United States and Thailand. In the steel industry, another core business area, domestic crude steel production remained below the previous year. Overseas, crude steel production also remained below the previous year in regions including China.」

「In the automotive industry, our Group’s principal source of supply, the impact of the certification irregularities that occurred in the previous period and other factors has diminished, but domestic production remained slightly below the previous year due to the impact of U.S. trade policy and other factors. Overseas, production volumes exceeded the previous year in China and India, but remained below it in the United States, Thailand and Indonesia. In the steel industry, another core business area, domestic construction demand was weak due to labor shortages, higher material costs and other factors, while manufacturing demand also stagnated due to trade policy and other factors, leaving crude steel production below the previous year. Overseas, production increased in some regions, including India, but remained below the previous year in many regions, including China.」

「In the automotive industry, our Group’s principal source of supply, domestic production remained slightly below the previous year due to the impact of certification irregularities and production suspensions. Overseas, production volumes exceeded the previous year in the United States, Mexico and India, but remained below it in Japan, Thailand, South Korea and Indonesia. In the steel industry, another core business area, domestic construction demand was weak due to labor shortages and other factors, and automotive demand also stagnated, leaving crude steel production below the previous year. Overseas production also remained slightly below the previous year, as weak real estate market conditions in China pressured demand.」

「In the automotive industry, our Group’s principal source of supply, shortages of semiconductors and other parts were largely resolved. Production volumes exceeded the previous year in the United States, Mexico and India, while they remained below the previous year in Japan, Thailand, South Korea and Indonesia, where sales have been sluggish. In the steel industry, another core business area, domestic construction demand was somewhat weak and crude steel production fell below the previous year, while global production remained broadly flat as India and China increased production.」

「In the automotive industry, our Group’s principal source of supply, shortages of semiconductors and other parts eased, production volumes showed signs of recovery worldwide, and domestic production also remained above the previous year. In the steel industry, another core business area, demand for automotive steel recovered, but demand for construction and machinery applications was weak, leaving domestic crude steel production slightly below the previous year, while global production remained flat.」

「In the automotive industry, our Group’s principal source of supply, the impact of production cuts due to semiconductor shortages gradually eased, production volumes showed signs of recovery worldwide, and domestic production also remained above the previous year. In the steel industry, another core business area, automotive demand recovered, but demand for construction, machinery and other applications was weak, leaving domestic and global crude steel production slightly below the previous year.」

「In the automotive industry, our Group’s principal source of supply, the impact of production cuts due to semiconductor shortages gradually eased, production volumes showed signs of recovery worldwide, and domestic production also remained above the previous year. In the steel industry, another core business area, automotive demand recovered both domestically and overseas, but demand for construction applications declined, leaving overall steel demand somewhat weak.」

「Over the medium to long term, in the automotive industry, our principal sales market, risks include lower prices due to intensifying global competition and declining demand due to the maturity of the domestic market, while efforts to electrify vehicles for a decarbonized society are accelerating worldwide.」

「In the automotive industry, our Group’s principal source of supply, production volumes showed signs of recovery, particularly in Asian countries, but the impact of production cuts due to continued semiconductor shortages persisted, and domestic production remained at approximately the previous year’s level. In the steel industry, another core business area, crude steel production in India remained above the previous year due to economic growth, while production in Japan, China and the United States remained below the previous year due to prolonged automotive production cuts, deteriorating real estate market conditions in China and other factors.」

「In the automotive industry, our Group’s principal source of supply, production volumes showed signs of recovery in Asia and North America, but the impact of production adjustments due to continued parts shortages persisted, and domestic production remained at approximately the previous year’s level. In the steel industry, another core business area, domestic and global crude steel production remained below the previous year due to lower steel demand resulting from reduced automotive production and the impact of China’s policy to cut crude steel production.」

「In the automotive industry, our Group’s principal source of supply, the impact of production adjustments caused by parts shortages associated with the spread of COVID-19 and other factors continued, and domestic vehicle production remained below the previous year. In the steel industry, another core business area, domestic and global crude steel production also remained below the previous year due to lower steel demand resulting from reduced automotive production and the impact of China’s policy to cut crude steel production.」

「Among the automotive industry’s intensified global competition, which has been our principal source of supply, risks include lower prices due to intensifying global competition and declining demand due to the maturity of the domestic market, while efforts to electrify vehicles for a decarbonized society are accelerating worldwide.」

「In the automotive industry, one of the Company Group's major customer industries, production and sales remained on a recovery trend during the first half of the fiscal year against a backdrop of demand accompanying the economic recovery, but the impact of production adjustments due to semiconductor shortages and other factors gradually emerged, and vehicle production in major countries worldwide remained below the previous year's level during the second half. In the steel industry, another key pillar, crude steel production volumes fell below the previous year's level from July onward following the introduction of China's crude steel production reduction policy, but production in Japan remained above the previous year's level, supported by public investment and the recovery of manufacturing production.」

「In the automotive industry, production and sales remained on a recovery trend against a backdrop of strong demand accompanying the economic recovery, but the impact of production adjustments due to semiconductor shortages and other factors gradually emerged, and domestic vehicle production fell below the previous year's level from August onward.」

「In the automotive industry, one of the Company Group's major customer industries, production adjustments were implemented in Japan and overseas due to semiconductor shortages, but strong demand accompanying the economic recovery supported global vehicle production, which generally remained above the previous year's level. In the steel industry, another key pillar, iron ore prices remained elevated, but infrastructure investment and the recovery of manufacturing production in Japan and overseas provided support, and global crude steel production generally remained above the previous year's level.」

「Against this backdrop, in the automotive industry, one of the Company Group's major customers, a global slowdown in demand led to successive factory shutdowns and production adjustments, resulting in a decline in vehicle production. The steel industry, another key pillar, also cut production in response to a decline in demand for steel products, leaving the business environment surrounding the Company in a difficult situation.」

「Against this backdrop, in the automotive industry, one of the Company Group's major customer industries, a global slowdown in demand led to successive factory shutdowns and production adjustments, resulting in a decline in vehicle production. The steel industry, another key pillar, also cut production in response to a decline in demand for steel products, leaving the business environment surrounding the Company in a difficult situation.」

「In the automotive industry, demand slowed both in Japan and overseas and the spread of infection led to temporary production stoppages, resulting in a substantial overall decline in global vehicle production. In the steel industry, another key pillar, blast furnace suspensions for production cuts occurred one after another in response to a substantial decline in demand for steel products.」

「In the automotive industry, one of our major customer industries, domestic vehicle production declined following the tax increase, while production in China also continued to fall below the previous year's level, leaving the industry in a difficult situation. The steel industry, another key pillar, also faced a worsening business environment as competition with overseas manufacturers intensified.」

「In the automotive industry, one of our major customer industries, domestic vehicle production declined following the tax increase, while production in China also continued to fall below the previous year's level, leaving the industry in a difficult situation. The steel industry, another key pillar, also faced a worsening business environment as competition with overseas manufacturers intensified.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained solid, but growth overseas slowed, with production in China continuing to fall below the previous year's level. In the steel industry, another key pillar, demand for steel products in Japan remained generally solid, but growth in overseas demand lacked strength amid concerns about an economic slowdown in China.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained firm, but growth overseas slowed as production in China fell below the previous year's level amid a deterioration in the trade environment.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained relatively firm, but growth overseas, including China, slowed, and the impact of U.S.-China trade tensions began to emerge. In the steel industry, another key pillar, caution was warranted regarding the risk of a slowdown in China, although demand for steel products in Japan and overseas remained strong.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained sluggish and growth overseas, including China, slowed. In the steel industry, another key pillar, demand for steel products in Japan remained firm, while China entered an adjustment phase.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained sluggish and growth overseas, including China, slowed. In the steel industry, another key pillar, demand for steel products in Japan and overseas remained firm.」

「In the automotive industry, one of our major customer industries, domestic vehicle production exceeded the level of the same period of the previous year, while production overseas, including China, remained firm. In the steel industry, another key pillar, demand for steel products increased in Japan and overseas.」

「In the automotive industry, one of our major customer industries, domestic vehicle production continued to recover and overall production, including overseas, remained firm. In the steel industry, another key pillar, overseas demand for steel products remained solid against a backdrop of declining steel exports from China, while strong demand for steel products in Japan, particularly from the construction industry, made the recovery in steel market conditions increasingly clear.」

「In the automotive industry, one of our major customer industries, domestic vehicle production remained on a recovery trend and overall production, including overseas, remained firm. In the steel industry, another key pillar, pressure from steel exports from China declined, and demand for steel products showed signs of improvement, with demand in Japan expected to remain solid on the back of construction activity.」

「In the automotive industry, one of our major customer industries, domestic vehicle production has been on a recovery trend since the second half of the previous fiscal year, and overall production, including overseas, remained firm. In the steel industry, another key pillar, excess inventories in China were still being worked down, but demand for steel products remained solid both in Japan and overseas.」

「Although demand for steel products in Japan and overseas showed signs of recovery, the steel industry, another key pillar, continued to face a difficult business environment due to the impact of oversupply of steel products in Asia and rising raw material prices, particularly coking coal.」

「In the automotive industry, one of our major customer industries, vehicle production in the United States and China remained firm, while production in Japan continued to stagnate. In the steel industry, another key pillar, there were signs that the decline in steel prices caused by oversupply originating in China and spreading worldwide was bottoming out, but the industry remained in a difficult situation, with restructuring activity emerging both in Japan and overseas.」

「The steel industry, another key pillar, remained in a difficult situation as steel prices continued to stagnate amid oversupply originating in China and spreading worldwide, with restructuring activity emerging both in Japan and overseas.」

「In the automotive industry, one of our major customer industries, vehicle production in the United States remained firm, while production in Japan remained stagnant. The steel industry, another key pillar, also remained in a difficult situation, unable to break free from a global oversupply structure caused by China's rapid expansion of production capacity.」

「An economic downturn and the resulting contraction in demand in the Company Group's major markets, including Japan, Asia, Europe and the United States, could adversely affect the Company Group's operating performance and financial condition.」