JFE Holdings’ Financial Results for First Quarterof Fiscal Year 2022 Ending March 31, 2023
— All financial information has been prepared in accordance with International Financial Reporting Standards (IFRS) —(Note: The following is an English translation of an original Japanese document)

August 3, 2022
Official name:
Listings:
Code:
English URL:
Representative:
Contact:

JFE Holdings, Inc.
Tokyo stock exchange5411
www.jfe-holdings.co.jp/en
Koji Kakigi, President and CEO
Hiroki Watanabe, Manager, Public Relations Section,
Investor Relations and Corporate Communications
Department+81-3-3597-3842
August 3, 2022
Yes
Yes

Phone:
Scheduled date to submit Quarterly Securities Report:
Preparation of supplementary materials for quarterly results:
Quarterly results briefing:(Figures are rounded down to the nearest million yen.)

1. Consolidated Results in First Quarter of Fiscal 2022 (April 1 to June 30, 2022)(1) Consolidated Operating Results (cumulative total)(Percentages indicate year on year change)
Revenue(million yen)

1Q
1,253,600
FY 20221Q
888,940
FY 2021

Business
profit%Profit
Before tax%(million yen)

Profit%(million yen)(million yen)

Profitattributableto ownersof parent%

Comprehensive
income%(million yen)(million yen)

41.0

116,659

32.0

113,404

32.7

85,011

34.7

83,84435.3

115,269

9.6

19.5

88,363-85,442-

63,102-

61,978-105,195-

Basic earnings per
share

Diluted earnings per
share

1Q FY 2022

145.61145.53

1Q FY 2021

107.64107.62

(yen)

(yen)

Note: Business profit is profit before tax excluding financial income and one-time items of a materially significant value.
(2) Consolidated Financial Position

Total assets

Total equity(million yen)(million yen)

Equity attributableto owners ofparent(million yen)

Total equity
attributable toowners of parent(%)

End 1Q FY 2022

5,568,670

2,135,158

2,052,244

36.9

End FY 2021

5,287,909

2,070,739

1,988,268

37.6

2. Dividends
Dividend per share (yen)Interim

FY 2021
FY 2022 (forecast)
Note:

%

Year-end

140.00

60.00

80.00

-

40.00

-

Revisions to dividend forecast announced most recently: Yes
The year-end dividend and the total dividend are not yet determined.

3. Forecasts of Consolidated Financial Results in Fiscal 2022 (April 1, 2022 to March 31, 2023)(Percentages represent changes from same period of previous fiscal year)
Revenue(million yen)%

Business
profit%(million yen)

Profit before
tax%(million yen)

Profitattributableto ownersof parent%Basicearnings
per share(yen)(million yen)

1H FY 2022

2,610,000

34.3

165,000(17.0)

155,000(19.8)

100,000(29.0)

173.27FY 20225,370,000

23.0

235,000(43.6)

220,000(43.4)

140,000(51.4)

241.96

Note: Revisions to consolidated financial results forecasts announced most recently: Yes

Notes1. Changes in significant subsidiaries during the term (changes in designated subsidiaries resulting in changes in
consolidated structure): No
2. Changes in accounting policies and accounting estimates
1) Changes in the accounting policies required by IFRS: No
2) Changes in the accounting policies other than 1) above: No
3) Changes in accounting estimates: No
3. Number of outstanding shares (common stock)
1) Outstanding shares at the end of the term (including treasury stock)
As of June 30, 2022: 614,438,399 shares
As of March 31, 2022: 614,438,399 shares
2) Treasury stock at the end of the term
As of June 30, 2022: 38,605,317 shares
As of March 31, 2022: 38,599,423 shares
3) Average number of shares during the term
1Q FY 2022: 575,835,901 shares
1Q FY 2021: 575,787,729 sharesThis report is not subject to auditing by a certified public accountant or an audit corporation.
Explanation of Appropriate Use of Results Forecasts, and Other Matters of Note
1. Forecasts and other forward-looking statements herein are based on information available on the date of publication of thisdocument as well as rational assumptions that we have made regarding certain factors. Actual results may vary significantly
from these forecasts due to a wide range of circumstances.
2. The supplementary financial data will be disclosed today via TDnet and published on our website.

Attachments
1. Condensed Quarterly Consolidated Financial Statements and Notes ··············································· 2(1) Condensed Quarterly Consolidated Statement of Financial Position ··········································· 2(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly
Consolidated Statement of Comprehensive Income (First Quarter) ············································ 4(3) Condensed Quarterly Consolidated Statement of Changes in Equity (First Quarter) ······················· 6(4) Condensed Quarterly Consolidated Statement of Cash Flow (First Quarter) ································· 8(5) Notes to Condensed Quarterly Consolidated Financial Statements ···········································10Notes Pertaining to the Presumption of a Going Concern ······················································10
2. Supplementary Information···································································································· 11

11. Condensed Quarterly Consolidated Financial Statements and Notes(1) Condensed Quarterly Consolidated Statement of Financial Position

As ofMarch 31, 2022

(million yen)
As ofJune 30, 2022

AssetsCurrent assets:
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Income taxes receivable
Other financial assets
Other current assets
Total current assets

796,955
123,888
1,227,935
1,009
22,830118,235
2,392,629

127,873
834,075
123,316
1,396,919
1,194
28,510
121,471
2,633,361

Non-current assets:
Property, plant and equipment:
Goodwill
Intangible assets
Right-of-use assets
Investment property
Investments accounted for using equity method
Retirement benefit asset
Deferred tax assets
Other financial assets
Other non-current assets
Total non-current assets

1,850,779
8,174
108,547
98,417
57,660454,642
24,07960,372
217,217
15,3882,895,280

1,852,521
9,898
112,041
100,526
57,250489,988
21,76454,269220,996
16,0502,935,309

Total assets

5,287,909

5,568,670

101,7732

As ofMarch 31, 2022

(million yen)
As ofJune 30, 2022

Liabilities and equity
Liabilities
Current liabilities:
Trade and other payables
Bonds payable, borrowings, and lease liabilities
Contract liabilities
Income taxes payable, etc.
Provisions
Other financial liabilities
Other current liabilities
Total current liabilities

1,493,840

652,979
593,757
37,932
15,98412,010117,552
191,339
1,621,556

Non-current labilities
Bonds payable, borrowings, and lease liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other financial liabilities
Other non-current liabilities
Total non-current labilities

1,509,739
125,927
22,663
12,06543,976
8,957
1,723,330

1,595,578
127,995
21,665
13,49744,8148,404
1,811,955

Total liabilities

3,217,170

3,433,512

EquityShare capital
Capital surplus
Retained earnings
Treasury shares
Other components of equity
Equity attributable to owners of parent
Non-controlling interests
Total equity

147,143652,233
1,294,875(180,580)
74,596
1,988,268
82,4702,070,739

147,143652,292
1,331,718(180,588)
101,678
2,052,244
82,9142,135,158

Total liabilities and equity

5,287,909

5,568,670

678,377
339,726
32,58050,547
12,345
143,406
236,8563

(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly
Consolidated Statement of Comprehensive Income
Condensed Quarterly Consolidated Statements of Income (First Quarter)
First Quarter of
Fiscal 2021
(April 1, 2021 –June 30, 2021)(million yen)First Quarter of
Fiscal 2022
(April 1, 2022 –June 30, 2022)

Revenue
Cost of sales
Gross profit

888,940(747,317)
141,623

1,253,600(1,084,332)
169,267

Selling, general and administrative expenses
Share of profit of entities accounted for using equity
methodOther income
Other expenses
Business profit(79,576)(91,483)

25,470
5,948(5,102)88,363

21,46924,654(7,249)116,659

Operating profit

88,363

116,659

Finance income
Finance costs
Profit before tax

337(3,257)85,442437(3,692)
113,404

Income tax expense
Profit(22,340)
63,102(28,393)85,011

Profit attributable to
Owners of parent
Non-controlling interests
Profit61,978
1,123
63,102

83,844
1,166
85,011

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)107.64107.62145.61145.53

4

Condensed Quarterly Consolidated Statements of Comprehensive Income (First Quarter)

ProfitFirst Quarter of
Fiscal 2021
(April 1, 2021 –June 30, 2021)
63,102(million yen)First Quarter of
Fiscal 2022
(April 1, 2022 –June 30, 2022)
85,011

4,843(1,273)9,614(2,564)

798

(626)

15,256(4,465)

Other comprehensive income:Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans
Net change in fair value of equity instruments
designated as measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method
Total of items that will not be reclassified to profit orloss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign
operations
Effective portion of cash flow hedges
Share of other comprehensive income of investments
accounted for using equity method
Total of items that may be reclassified to profit or loss
Total other comprehensive income
Comprehensive income

5,357
7,728

16,782(1,168)13,74926,83642,093
105,195

19,10934,72330,258115,269

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income

103,520
1,674
105,195

113,676
1,593
115,2695

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
First Quarter of Fiscal 2021(April 1, 2021 – June 30, 2021)(million yen)
Equity attributable to owners of parent
Other components of equity
Net change infair value ofequityinstruments
Remeasurements
designated asof defined benefit
measured at
plans
fair value
through othercomprehensive
incomeCapitalsurplusRetainedearnings

Treasuryshares147,143

652,465

1,029,976(180,639)－

61,620

Profit－－61,978－－－Other comprehensive income

－

－

－

－

4,752

10,631

Share capital

Balance as of April 1, 2021

Comprehensive income－－

61,978－

4,752

10,631

Purchase of treasury shares

－

－

－

(12)

－

－

Disposal of treasury shares

－

(0)

－

1

－

－

Dividends－－(5,765)－－－

Share-based payment transactions

－

25

－

－

－

－

Changes in scope of consolidation

－

－

－

－

－

－

－

300

－

－

－

－

－

－

5,053

－

(4,752)(300)

Transfer to non-financial assets

－

－

－

－

－

－

Other

－

－

－

－

－

－

－

325

(711)

(11)

(4,752)(300)

147,143652,791

1,091,243(180,651)－

71,951

Changes in ownership interest in
subsidiaries
Transfer from other components ofequity to retained earnings

Total transactions with owners
Balance as of June 30, 2021

Equity attributable to owners of parent
Other components of equity
Exchangedifferences on
Effective
translation of portion of cash
foreignflow hedges
operations
Balance as of April 1, 2021

Noncontrollinginterests

Total

Total

Total equity(32,256)914

30,278

1,679,223

80,9301,760,154－－－

61,978

1,123

63,102Other comprehensive income

17,626

8,530

41,541

41,541551

42,093Comprehensive income

Profit17,626

8,530

41,541

103,520

1,674

105,195

Purchase of treasury shares

－

－

－

(12)

－

(12)

Disposal of treasury shares

－

－

－

0

－

0

Dividends－－－(5,765)(1,207)(6,972)

Share-based payment transactions

－

－

－

25

－

25

Changes in scope of consolidation

－

－

－

－

1

1

－

－

－

300

297

597

－

－

(5,053)－－－

Transfer to non-financial assets－(5,106)(5,106)(5,106)－(5,106)

Other

－

－

－

－

(336)

(336)

－

(5,106)(10,159)(10,557)(1,244)(11,802)(14,630)

4,338

61,6601,772,186

81,3601,853,547

Changes in ownership interest in
subsidiaries
Transfer from other components of equity
to retained earnings

Total transactions with owners
Balance as of June 30, 2021

6

First Quarter of Fiscal 2022 (April 1, 2022 – June 30, 2022)(million yen)
Equity attributable to owners of parent
Other components of equity

Capitalsurplus

Share capital

Balance as of April 1, 2022

Retainedearnings

TreasurysharesNet change infair value ofequityinstruments
Remeasurements
designated asof defined benefit
measured at
plans
fair value
through othercomprehensive
income147,143652,233

1,294,875(180,580)－

55,560

Profit－－83,844－－－

Other comprehensive income

－

－

－

－

(978)

(3,187)

Comprehensive income－－

83,844－(978)(3,187)Purchase of treasury shares

－

－

－

(10)

－

－

Disposal of treasury shares

－

(1)

－

2

－

－

Dividends－－(46,118)－－－

Share-based payment transactions

－

60

－

－

－

－

Changes in scope of consolidation

－

－

－

－

－

－

Transfer from other components ofequity to retained earnings

－

－

(882)

－

978

(95)

Transfer to non-financial assets

－

－

－

－

－

－

Other

－

－

－

－

－

－

－

58

(47,001)

(7)

978

(95)

147,143652,292

1,331,718(180,588)－

52,277

Total transactions with owners
Balance as of June 30, 2022

Equity attributable to owners of parent
Other components of equity
Exchangedifferences on
Effective
translation of portion of cash
foreignflow hedges
operations
Balance as of April 1, 2022

Noncontrollinginterests

Total

Total

Total equity

16,086

2,949

74,596

1,988,268

82,4702,070,739－－－

83,844

1,166

85,011Other comprehensive income

35,648(1,650)29,832

29,832426

30,258Comprehensive income

35,648(1,650)29,832

113,676

1,593

115,269

ProfitPurchase of treasury shares

－

－

－

(10)

－

(10)

Disposal of treasury shares

－

－

－

0

－

0

Dividends－－－(46,118)(1,320)(47,439)

Share-based payment transactions

－

－

－

60

－

60

Changes in scope of consolidation

－

－

－

－

4

4

Transfer from other components of equity
to retained earnings

－

－

882

－

－

－

Transfer to non-financial assets－(3,633)(3,633)(3,633)－(3,633)

Other

－

－

－

－

166

166

－

(3,633)(2,750)(49,700)(1,149)(50,850)

51,735(2,334)

101,678

2,052,244

82,9142,135,158

Total transactions with owners
Balance as of June 30, 20227

(4) Condensed Quarterly Consolidated Statement of Cash Flow (First Quarter)
First Quarter of
Fiscal 2021
(April 1, 2020 – June 30,
2021)(million yen)First Quarter of
Fiscal 2022
(April 1, 2021 – June 30,
2022)

Cash flows from operating activities
Profit before tax

85,442

113,404

Depreciation and amortization

61,54065,461

Changes in allowance (loss)(954)(1,463)

Interest and dividend income (loss)(1,694)(3,257)

Interest expenses
Share of profit of entities accounted for using
equity method (loss)
Decrease (increase) in trade and otherreceivables
Decrease (increase) in inventories

3,179

3,474

(25,470)(21,469)

85,774(17,767)(85,973)(154,486)

1,554(34,350)

Other(59,525)(76,128)

Subtotal

63,874(126,583)

Interest and dividends received

2,648

8,174

Increase (decrease) in trade and other payables

Interest paid

(3,040)(3,326)

Income taxes received (paid)(14,769)(49,406)

Cash flows from operating activities

48,712(171,142)(81,580)(58,964)

111

1,640

(2,069)(3,228)Cash flows from investing activities
Purchase of property, plant and equipment,
intangible assets, and investment property
Proceeds from sale of property, plant andequipment, intangible assets, and investment
property
Purchase of investments

933

209

Other

(5,546)

212

Cash flows from investing activities(88,152)(60,131)

Proceeds from sale of investments

8

First Quarter of
Fiscal 2021
(April 1, 2020 – June 30,
2021)(million yen)First Quarter of
Fiscal 2022
(April 1, 2021 – June 30,
2022)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(24,163)

3,659

Increase (decrease) in commercial papers

70,000267,000

Proceeds from long-term borrowings

10,48660,087

Repayments of long-term borrowings(42,939)(43,589)

Proceeds from issuance of bonds

35,00030,000

Payments for redemption of bonds(30,000)(10,000)

(9)

(10)

Dividends paid to owners of parent(5,765)(46,118)

Other(12,974)(13,211)(366)

247,817

Payments for purchase of treasury shares

Cash flows from financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of period

238

9,556

(39,567)

26,099142,416

101,773

Cash and cash equivalents at end of period

102,849

127,8739

(5) Notes to the Condensed Quarterly Consolidated Financial Statements
Notes Pertaining to the Presumption of a Going Concern
There is no item for this period102. Supplementary Information(1) Consolidated Results in First Quarter and Earnings Forecasts for Fiscal 2022
(billion yen)
FY 2021
1H
Full year

1Q

FY 2022
1H
Full year

1Q

1Q

Change1H
Full year

Steel Business638.5 1,410.4

4,100.0

294.1

564.6

Engineering Business

103.0

229.2

508.2

98.2

230.0

520.0

(4.8)

0.8

11.8

Trading Business

261.6

544.4

1,231.7

379.5

750.0

1,470.0

117.9

205.6

238.3

Adjustments(114.2) (241.1)(548.3) (156.8) (345.0)(720.0)(42.6) (103.9)(171.7)888.9 1,942.9

4,365.1 1,253.6 2,610.0

Revenue

3,173.4

932.6 1,975.0

926.6

5,370.0

364.7

667.1

1,004.9

A

88.3

198.8

416.4

116.6

165.0

235.0

28.3

(33.8)(181.4)

B

(2.9)

(5.6)

(11.6)(3.2)(10.0)(15.0)

(0.3)

(4.4)

(3.4)

Steel Business

69.7

158.5

323.7

93.0

120.0

150.0

23.3

(38.5)(173.7)

Engineering Business

4.2

11.1

26.0

(1.2)

4.0

20.0

(5.4)

(7.1)

(6.0)

Trading Business

11.5

25.6

55.9

21.1

35.0

55.0

9.6

9.4

(0.9)

Adjustments

(0.0)

(2.0)

(0.9)

0.4

(4.0)

(5.0)

0.4

(2.0)

(4.1)

85.4

193.2

404.8

113.4

155.0

220.0

28.0

(38.2)(184.8)--(16.2)

-

-

-

0.0

0.0

16.2

(38.2)(168.5)Business profit 1
Finance income / costs
Segment Profit

Total

A+B

Exceptional Items 2
Profit before tax
Tax Expense and Profit (Loss)
Attributable to Non-controlling
Interests

85.4

193.2

388.5

113.4

155.0

220.0

28.0

(23.4)(52.4)(100.4)(29.5)(55.0)(80.0)

(6.1)

(2.6)

20.4

Profit Attributable to Owners of Parent

61.9

140.7

288.0

83.8

100.0

140.0

21.9

(40.7)(148.0)1

Business profit: Profit that excludes financial income and exceptional items from profit before tax. It is a benchmark indicator of thecompany’s consolidated earnings.
2

Exceptional Items: One-time items of a materially significant value.

(2) Consolidated Financial Indices （1H Fiscal 2022 Forecasts）
Return on Sales (ROS)

1

Return on Assets (ROA)2
Return on Equity (ROE)3

Fiscal 2021

1H Fiscal 2022

Change9.5%

6.3%(3.2%)

8.4%

6.1%(2.3%)

15.7%

9.8%

(5.9%)EBITDA4

668.7 billion yen

295.0 billion yen-

Interest-bearing debt outstanding

1,849.4 billion yen

2,100.0 billion yen

250.6 billion yen

2.8x

3.6x

-

1,988.2 billion yen

2,100.0 billion yen

111.8 billion yen

80.8%

88.0%

7.2%

Debt / EBITDA multiple5
Equity attributable to owners of parent
D/E Ratio6

ROS = Business profit / Revenue
ROA (full year) = Business profit / Total assets, ROA (first half) = Business profit x 2 / Total assets
3
ROE (full year) = Profit attributable to owners of parent / Equity attributable to owners of parent
ROE (first half) = Profit attributable to owners of parent x 2 / Equity attributable to owners of parent
4
EBITDA = Business profit + Depreciation and amortization
5
Debt / EBITDA multiple (full year) = Interest-bearing debt outstanding / EBITDA
Debt / EBITDA multiple (half year) = Interest-bearing debt outstanding / (EBITDA x 2)
6
D/E ratio = Debt outstanding / Equity attributable to owners of parent. For debt having a capital component*, a portion of its issue priceis deemed to be capital, as assessed by rating agencies.
12* For debt having a capital component, a portion of its issue price is deemed to be capital, as assessed by rating agencies.
Borrowing Execution Date
Amount Borrowed
Assessment of Equity Content
Amount Deemed to be Capital(or Bond Issuance Date)(or Amount of Bond)
June 30, 2016
167.5 billion yen
25%
41.9 billion yen*March 19, 2018
300.0 billion yen
25%
75.0 billion yen
June 10, 2021
35.0 billion yen
50%
17.5 billion yen*
*Prepayment of subordinated loan of 32.5 billion yen raised on June 30, 2016 and fundraising for a new subordinated bond of 35 billion
yen on June 10, 202111

(3) Crude Steel Production (JFE Steel)(million tons)

1Q

2Q

1H

3Q

4Q

2H

Full year

12.70
13.39
Less
than
13.00*
13.70*

6.49
6.85

6.69
7.02

13.18
13.87
Less
than
13.00*

25.88
27.26
Less
than
26.00*FY 2021

Non-consolidated
Consolidated

6.25
6.59

6.45
6.80

FY 2022

Non-consolidated
Consolidated

6.43

6.50*

6.77

6.90*

*estimate(4) Shipments (JFE Steel on non-consolidated basis)(million tons)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2021

5.26

5.56

10.83

5.63

5.92

11.55

22.38

FY 2022

5.54

6.00*

11.50**estimate(5) Export Ratio on Value Basis (JFE Steel on non-consolidated basis)

(%)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2021

43.2

49.3

46.5

45.9

43.6

44.7

45.5

FY 2022

48.5

47*

48*
*estimate(6) Foreign Exchange Rate (Yen/US dollar)(JPY/USD)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2021

109.8

110.0

109.9

113.1

115.3

114.2

112.1

FY 2022

126.5

136*

131*

135*

133*
*estimate(7) Average Selling Price (JFE Steel on non-consolidated basis)(thousand yen/ton)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2021

87.6

101.0

94.5

107.6

116.7

112.2

103.7

FY 2022

126.7

134*

130*
*estimate(8) Engineering Business Orders (including intersegment transactions, IFRS basis)(billion yen)

Field

1H
FY2021

Waste to Resource
Carbon Neutral
Combined Utility Services
Core Infrastructure

124.6
19.2
3.0
105.5

1H
FY2022
Forecast
137.0*
53.0*
13.0*
107.0*

Total

252.3

310.0*

ChangeFY2022
Forecast

12.4
33.8
10.0
1.5

220.0*
77.0*
18.0*
235.0*

57.7

550.0*(9) Capital Investment and Depreciation and Amortization (JFE Holdings)(billion yen)

Capital Investment

340.9

FY2022
Forecast
310.0*

Depreciation & Amortization

252.2

270.0*FY2021*estimate12(on construction basis)*estimate(10) Breakdown of Changes in Segment Profit (IFRS)

a. First quarter of FY 2022, compared to same period of FY 2021

Change(billion yen)

Steel Business- Costs

5.0-

Sales volume and mix

1.0-

Sales prices and raw materials

0.0-

Unrealized gains (losses) on inventories

72.0

-

Others(54.7)

-

Total

23.3

Engineering and Trading businesses, and Adjustments

Capital investment effects, etc.

Foreign exchange effects on trade-20.0 etc.

4.7

b. FY 2022 forecast, compared to FY 2021

Change(billion yen)

Steel Business
-

Costs

10.0

-

Sales volume and mix

0.0-

Sales prices and raw materials

70.0

-

Foreign exchange effects on trade(100.0)-

Unrealized gains (losses) on inventories(72.0)-

Others(81.7)-

Total(173.7)

Engineering and Trading businesses, and Adjustments

Cost reductions +23.0 and Chiba No. 6
blast furnace refurbishment -13.0
Improved spreads due to higher selling
prices (despite more costly raw
materials and metals)
1USD=112.1yen→1USD=133yen(about)Group companies -45.0, etc.

(11.0)

c. Reference: 1Q of FY 2022: 113.4 billion yen →2Q of FY 2022 forecast: 41.6 billion yen (estimate)
Change(billion yen)

Steel Business- Costs

0.0-

Sales volume and mix

1.0-

Sales prices and raw materials

89.0

-

Unrealized gains (losses) on inventories(123.0)-

Others(33.0)-

Total(66.0)Engineering and Trading businesses, and Adjustments

(5.8)

###

13

Improved spreads due to higher selling
prices (despite main raw materials andmetals remaining high)Foreign exchange effects on trade-10.0, etc.