Exposure to declining demand in the steel industry, excess production in China, and a slowdown in the global economy

「Domestic crude steel production in the first quarter of the fiscal year ending March 2027 was 20.35 million tons, up 1.0% year on year.」

「Meanwhile, in Japan's steel industry, a major business partner of the Group, demand for construction, automobiles and exports generally remained weak. As a result, full-year domestic crude steel production declined 3.2% year on year to 80.33 million tonnes.」

「Meanwhile, in the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the interim consolidated accounting period declined 4.2% year on year to 40.08 million tonnes due to factors including weak domestic steel demand from the automotive and construction sectors and for export.」

「In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production declined 4.5% year on year to 82.95 million tonnes for the full year due to factors including weak steel demand from domestic manufacturers and the construction sector.」

「Domestic crude steel production in the interim consolidated accounting period declined 4.4% year on year to 41.84 million tonnes. In addition to the decline in domestic crude steel production, operating problems occurred at a customer in Australia, while in Brazil customer activity levels declined due to an influx of Chinese-made steel products.」

「In the steel industry, the largest source of demand for the refractories industry, automotive steel demand recovered, but export demand for steel remained weak. As a result, full-year domestic crude steel production declined 1.1% year on year to 86.83 million tonnes.」

「The global economy remained subject to uncertainty about the outlook due to the impact of global monetary tightening, the prolonged Russian invasion of Ukraine and geopolitical risks related to the situation in the Middle East, despite the recovery of economic activity from the COVID-19 pandemic. In Japan, personal consumption and corporate capital investment and production activity showed signs of recovery amid improving employment conditions. However, somewhat more cautious views of the outlook for business conditions became widespread as the yen remained on a depreciating trend, primarily due to the widening interest-rate differential between Japan and the United States. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative third quarter declined 1.3% year on year to 65.37 million tonnes due to factors including weak export demand for steel, despite a recovery in automotive steel demand.」

「The global economy remained subject to uncertainty about the outlook due to the unstable international situation, including prolonged inflation in various countries and Russia's protracted invasion of Ukraine, although economic activity was recovering from the COVID-19 pandemic. In Japan, personal consumption and corporate capital investment and production activity showed signs of recovery amid improving employment conditions and the effects of various policies. However, the yen continued to depreciate as the interest-rate differential between Japan and the United States widened, and somewhat more cautious views of the outlook for business conditions became widespread. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative second quarter declined 2.3% year on year to 43.76 million tonnes due to factors including weak construction demand, despite a recovery in steel demand for automobiles.」

「The global economy remained subject to uncertainty about the outlook due to accelerating inflation in various countries, the prolonged situation in Ukraine and geopolitical risks in East Asia.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but remained unstable due to inflation, primarily in resource prices, arising from the prolonged situation in Ukraine, tighter lockdowns in China and other factors. The Japanese economy also showed continued signs of recovery in corporate capital investment and personal consumption, with corporate earnings tending to improve. However, corporate and consumer prices rose, and somewhat more cautious views of the outlook for business conditions became widespread due to the rapid depreciation of the yen accompanying tighter financial conditions in major Western countries. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative third quarter declined 8.8% year on year to 66.22 million tonnes, partly due to the impact of automobile production cuts resulting from semiconductor supply constraints.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but remained unstable due to inflation, primarily in resource prices, arising from the prolonged situation in Ukraine, tighter lockdowns in China and other factors. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative second quarter declined 7.5% year on year to 44.80 million tonnes, partly due to the impact of automobile production cuts resulting from semiconductor component supply constraints.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but uncertainty about the outlook continued due to ongoing infections, primarily from new variants, rising resource prices and supply constraints arising from the prolonged situation in Ukraine, and volatility in financial and capital markets and foreign exchange markets. The Japanese economy also showed continued signs of recovery in corporate capital investment and personal consumption, with corporate earnings tending to improve. However, corporate and consumer prices rose, and somewhat more cautious views of the outlook for business conditions became widespread. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative first quarter declined 5.6% year on year to 22.99 million tonnes, partly due to the impact of automobile production cuts resulting from semiconductor component supply constraints.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but uncertainty about the outlook continued due to ongoing infections, primarily from new variants, rising resource prices and supply constraints arising from the situation in Ukraine, and volatility in financial and capital markets and foreign exchange markets.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but uncertainty about the outlook continued due to renewed infections, primarily from new variants, semiconductor shortages and supply chain disruptions. The Japanese economy also remained subject to these uncertainties, although signs of recovery began to emerge in personal consumption, corporate capital investment and production activity. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative third quarter increased 22.9% year on year to 72.62 million tonnes.」

「The global economy showed signs of recovery from the downturn caused by COVID-19, but the outlook remained uncertain due to renewed infections, semiconductor shortages and supply chain disruptions. These uncertainties also affected the Japanese economy, although signs of recovery began to emerge in corporate capital investment and production activity. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the first half increased 30.6% year on year to 48.42 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative first quarter increased 34.4% year on year to 24.35 million tonnes, reflecting the recovery of overseas economies from the sharp decline in steel demand in the previous year's corresponding period.」

「In the steel industry, the largest source of demand for the refractories industry, steel demand, particularly from the automotive sector, recovered from the second half, but this was insufficient to make up for the decline in the first half. Full-year domestic crude steel production was 82.79 million tonnes, down 15.9% from the previous fiscal year, when production fell below 100 million tonnes for the first time in 10 years.」

「The global economy remained subject to concerns about the outlook as economic activity stagnated due to the renewed spread of COVID-19, despite signs of recovery in some areas, including China. The Japanese economy also remained challenging due to the impact of COVID-19, although signs of recovery began to emerge in corporate production activity and exports. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative third quarter declined 20.5% year on year to 59.08 million tonnes.」

「The global economy was beginning to recover from the downturn in economic activity caused by the spread of COVID-19, but a serious situation emerged as infections began to spread again, particularly in Europe, raising concerns about the outlook. The Japanese economy also remained challenging due to the impact of COVID-19, although signs of recovery began to emerge in personal consumption, corporate production activity and exports. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the first half declined 26.8% year on year to 37.10 million tonnes.」

「The global economy was in an extremely challenging condition during the cumulative first quarter as economic activity stagnated amid the global spread of COVID-19. The Japanese economy remained weak, with personal consumption and exports declining due to the impact of the infection, while corporate capital investment also softened. In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative first quarter declined 30.7% year on year to 18.10 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the cumulative third quarter declined 4.6% year on year to 74.31 million tonnes due to the sharp decline in demand for steel products since the second half of 2019.」

「In the steel industry, the largest source of demand for the refractories industry, domestic crude steel production in the first half declined 3.0% year on year to 50.67 million tonnes due to the impact of natural disaster damage and other factors.」

「Crude steel production in the cumulative first quarter declined 1.7% year on year to 26.11 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, demand from the automotive and construction materials sectors remained strong. However, production stoppages caused by natural disasters and equipment problems weighed on production, and crude steel production in the cumulative third quarter declined slightly year on year to 77.92 million tonnes (down 0.6%).」

「In the steel industry, the largest source of demand for the refractories industry, demand for automobiles and redevelopment projects ahead of the Tokyo Olympic and Paralympic Games continued. Crude steel production in the first half was approximately in line with the previous year's level at 52.21 million tonnes (+0.3%).」

「In the steel industry, the largest source of demand for the refractories industry, demand for steel products from domestic manufacturers and for construction related to the Tokyo Olympics remained strong. Crude steel production in the cumulative first quarter increased 1.8% year on year to 26.57 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, domestic demand, primarily from the automotive and industrial machinery sectors, remained firm. However, steel exports declined, resulting in full-year crude steel production of 104.84 million tonnes, down 0.3% year on year.」

「Although exports declined for the 11th consecutive month year on year, domestic construction demand and demand for steel products from manufacturers remained solid. Crude steel production in the cumulative third quarter therefore declined 0.6% year on year to 78.43 million tonnes, remaining almost at the same level.」

「In the steel industry, the largest source of demand for the refractories industry, domestic demand for steel products for construction and manufacturing remained firm. However, exports lacked some strength, continuing to decline year on year, and crude steel production in the cumulative second quarter fell 1% year on year to 52.03 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, domestic demand for steel products for automobiles and domestic manufacturing industries, including industrial machinery, remained firm. However, exports lacked strength, continuing to decline year on year, and crude steel production in the cumulative first quarter fell 0.5% year on year to 26.08 million tonnes.」

「In the steel industry, the largest source of demand for the refractories industry, there were signs of recovery, including improving export-led market conditions and expectations for construction demand ahead of the Tokyo Olympic and Paralympic Games. However, crude steel production in the cumulative third quarter was 78.93 million tonnes, up 0.7% year on year, while profitability conditions have become more challenging recently due to sharp increases in coking coal and iron ore prices.」

「In the steel industry, the largest source of demand for the refractories industry, crude steel production began to recover from the previous year's production cuts resulting from inventory adjustments. However, demand related to construction and automobiles lacked strength, and crude steel production in the cumulative second quarter was 52.54 million tonnes, up 0.9% year on year.」

「Crude steel production in the steel industry, the largest source of demand for the refractories industry, remained limited to 26.20 million tonnes in the cumulative first quarter, up 1.3% year on year.」

「Exports failed to grow because overseas market conditions deteriorated due to China's overproduction and demand for related steel products, including steel pipes, declined amid lower crude oil prices. Domestic demand from the automotive and construction sectors also fell. As a result, full-year crude steel production declined 5.2% year on year to 104.18 million tonnes, and the business environment surrounding the Group remained challenging.」