Uncertainty over the Outlook Due to Protectionism, a Slowdown in Emerging-Market Economies and Currency Instability
First written in FY2017. 10 of 17 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Nakayama Steel Works moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2022: 105 of 134 companies on the "Worse" side.
75 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「During the consolidated fiscal year, the Japanese economy lacked strength in demand both domestically and overseas amid uncertainty over the outlook for the global economy due to tariff issues and heightened geopolitical risks, as well as downward pressure on consumption caused by rising prices and various supply constraints, and persistently high procurement costs.」
Tariff issues, geopolitical risks, supply constraints, rising prices, and persistently high procurement prices combined to increase uncertainty in the international situation and external business environment. - 2026-05-08RestatedEarnings forecast revision
「During the consolidated fiscal year, the Japanese economy lacked strength in demand both domestically and overseas amid uncertainty over the outlook for the global economy due to tariff issues and heightened geopolitical risks, as well as downward pressure on consumption caused by rising prices and various supply constraints, and persistently high procurement costs.」
The disclosure continued to cite uncertainty caused by tariff issues, geopolitical risks, rising prices, supply constraints and persistently high procurement costs. - FY2025WorsenedAnnual report
「Looking ahead, uncertainty is high due to international protectionist policies, including U.S. tariffs, and concerns over increased inflows of low-priced Chinese products. With labor, logistics, and other costs rising, demand for small and medium-sized construction projects is not expected to recover because labor shortages and soaring material prices are prompting projects to be reviewed. Accordingly, the difficult business environment is expected to continue.」
In addition to the previously identified risks from the international situation and trade friction, U.S. tariffs, inflows of low-priced Chinese products, rising costs, and difficulty in recovering demand for small and medium-sized construction projects have increased uncertainty about the outlook. - FY2025-H1RestatedAnnual report
「The Company continues to monitor trends in consumer sentiment amid persistently high raw material and fuel prices and rising prices resulting from the unstable situation overseas.」
Uncertainty about the outlook due to the unstable situation overseas, persistently high raw material and fuel prices, and rising prices continues to be cited. - FY2024-Q3WorsenedAnnual report
「With the international situation unstable, including the worsening situations in Ukraine and the Middle East, uncertainty about the economic outlook has increased due to persistently high raw material and fuel prices, yen depreciation, and rising prices.」
In addition to the previously cited situation in Ukraine and other factors, the worsening situation in the Middle East is cited, with uncertainty about the outlook increasing due to the international situation, raw material and fuel prices, yen depreciation, and rising prices. - FY2024-Q2RestatedAnnual report
「Meanwhile, with the international situation unstable, the outlook for the economy remains uncertain due to persistently high raw material and fuel prices and rising prices.」
Uncertainty about the outlook due to the unstable international situation, persistently high raw material and fuel prices, and rising prices continues. - FY2024-Q1WorsenedAnnual report
「Meanwhile, uncertainty about the outlook has increased due to persistently high raw material and fuel prices and rising prices resulting from the prolonged situation in Russia and Ukraine.」
It is stated that uncertainty about the outlook has increased due to persistently high raw material and fuel prices and rising prices resulting from the prolonged situation in Russia and Ukraine. - FY2023-Q1WorsenedAnnual report
「Meanwhile, uncertainty about the outlook remains due to factors including persistently high raw material and fuel prices resulting from the prolonged situation in Russia and Ukraine, rising prices, and the depreciation of the yen.」
The prolonged situation in Russia and Ukraine, soaring raw material and fuel prices, rising prices, and yen depreciation have been identified as factors contributing to uncertainty about the outlook. - FY2022WorsenedAnnual report
「Looking ahead, Japan's economy is expected to benefit from the easing of activity restrictions, including the lifting of priority preventive measures to prevent the spread of disease. In the steel industry, domestic demand is expected to recover for construction of factories and logistics facilities and for the renewal of aging social infrastructure. However, uncertainty is expected to persist due to the resurgence of infectious diseases, slowing growth in the Chinese economy, and the impact of the situation in Ukraine on the global economy.」
While expectations for a recovery in demand have been expressed, the resurgence of infectious diseases, the slowdown in the Chinese economy, and the situation in Ukraine have been added as new factors contributing to uncertainty about the outlook. - FY2022-Q3WorsenedAnnual report
「However, the outlook remains uncertain due to factors including the spread of new variants and global shortages of components, particularly semiconductors.」
The spread of new variants and global shortages of components, particularly semiconductors, have been added as factors contributing to uncertainty about the outlook. - FY2021WorsenedAnnual report
「Over the medium to long term, domestic demand in China is expected to contract, while Chinese mills are expanding capacity in Southeast Asia. This is creating a structural condition of excess production capacity, and the global supply-demand balance is expected to deteriorate.」
Structural oversupply resulting from capacity expansion in China and Southeast Asia, together with deterioration in the global supply-demand balance, has been identified more specifically as an external risk, including risks to exports and overseas market conditions. - FY2020-Q3MaterialisedAnnual report
「Steel orders received and order backlog both declined year on year, as export conditions deteriorated and domestic shipments to the construction and manufacturing sectors, including industrial machinery, remained sluggish (orders received: down 18.1% year on year; order backlog: down 32.7%).」
Deteriorating export conditions have led to a decline in orders for contract-manufactured steel products, with the decreases in order intake and order backlog quantified. - FY2020-Q2MaterialisedAnnual report
「Steel orders received and the order backlog declined 10.6% and 24.0%, respectively, year on year, due mainly to lower order volumes for subcontracted steel products amid a deterioration in the export environment.」
Deteriorating export conditions, including the prolonged U.S.-China trade friction, are reflected in actual business performance as a decline in orders for contract-manufactured steel products. - FY2020-Q1MaterialisedAnnual report
「Steel orders received declined 11.7% year on year due mainly to lower order volumes for subcontracted steel products amid a deterioration in the export environment.」
Deteriorating export conditions are reflected in actual business performance as a decline in orders for contract-manufactured steel products. - FY2019WorsenedAnnual report
「However, concerns remain over the impact on supply and demand for steel products, including stagnation in China's domestic economic environment resulting from US-China trade friction, and conditions are expected to remain uncertain.」
The disclosure more specifically describes the risk that U.S.-China trade friction could affect supply and demand for steel products through stagnation in China's domestic economic environment. - FY2018WorsenedAnnual report
「There are also concerns over uncertainty about the outlook, including developments in the trade policies of the United States and China.」
In addition to protectionism, emerging-market conditions, and foreign exchange markets, developments in the trade policies of the United States and China have been identified as specific factors contributing to uncertainty about the outlook. - FY2017First statedAnnual report
「Concern remains over uncertainty about the outlook amid protectionist moves, particularly in Europe and the United States, slowing economic growth in some emerging economies, volatile foreign exchange markets, and rising production costs due to higher electricity prices while iron ore, coking coal, and steel scrap prices remain elevated.」
In addition to the longstanding contraction of the domestic market and volatility in raw material prices, protectionism, slowing growth in emerging economies, and foreign exchange conditions are explicitly identified as factors contributing to uncertainty about the outlook.