JFE Holdings’ Financial Results through Third Quarterof Fiscal Year 2021 Ending March 31, 2022
— 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)

February 8, 2022
Official name:
Listings:
Code:
English URL:
Representative:
Contact:

JFE Holdings, Inc.
Tokyo stock exchanges
5411
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
February 8, 2022
-Yes
Yes

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

1. Consolidated Results through Third Quarter of Fiscal 2021 (April 1 to December 31, 2021)(1) Consolidated Operating Results (cumulative total)(Percentages indicate year on year change)
Revenue(million yen)

Business
profit%Profit
Before tax%(million yen)

Profit%%(million yen)(million yen)

Profitattributableto ownersof parent

Comprehensive
income%(million yen)(million yen)

3Q
3,097,394 33.6
FY 20213Q
2,318,467 (16.9)
FY 2020

3Q FY 2021
3Q FY 2020

322,839-

303,845-

225,119-

223,047-

253,254-(61,196)-(70,655)-(67,214)-(69,677)-(25,473)-

Basic earnings per
share

Diluted earnings per
share

387.38(121.00)

387.26(121.00)

(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 3Q FY 2021

5,221,083

1,968,751

1,886,300

36.1

End FY 2020

4,654,972

1,760,154

1,679,223

36.1

2. Dividends
Dividend per share (yen)InterimYear-end

FY 2020

10.00

0.00

10.00

FY 2021140.00*60.00

80.00**estimate
Note: Revisions to dividend forecast announced most recently: Yes

3. Forecasts of Consolidated Financial Results in Fiscal 2021 (April 1, 2021 to March 31, 2022)
Revenue(million yen)%

Business
profitProfit before
tax%

million yen

Profitattributableto ownersof parent%(million yen)Basicearnings
per share

%

(yen)

(million yen)

FY 2021%4,370,000

35.4

390,000-

368,000-

270,000

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

468.92

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 December 31, 2021: 614,438,399 shares
As of March 31, 2021: 614,438,399 shares
2) Treasury stock at the end of the term
As of December 31, 2021: 38,654,258 shares
As of March 31, 2021: 38,646,342 shares
3) Average number of shares during the term
3Q FY 2021: 575,792,256 shares
3Q FY 2020: 575,838,245 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 ································································ 4(3) Condensed Quarterly Consolidated Statement of Changes in Equity ·········································· 8(4) Condensed Quarterly Consolidated Statement of Cash Flow····················································10(5) Notes to Condensed Quarterly Consolidated Financial Statements ············································12Notes Pertaining to the Presumption of a Going Concern ······················································12
2. Supplementary Information ····································································································13

11. Condensed Quarterly Consolidated Financial Statements and Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(million yen)
As of
As of
March 31, 2021 December 31, 2021
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

142,416

109,707751,824
101,282785,632
14,74813,35979,4301,888,694

777,292
172,152
1,149,237
2,717
9,392
142,557
2,363,056

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

1,772,303
6,200
95,055111,938
58,310355,242
22,15986,014
244,505
14,5472,766,278

1,839,241
8,682
105,264
98,67757,728429,257
23,86365,209215,593
14,5072,858,026

Total assets

4,654,972

5,221,083

2

(million yen)
As of
As of
March 31, 2021 December 31, 2021
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

496,995
277,027
43,03815,09011,51886,836
208,510
1,139,017

655,318534,297
54,835
45,112
11,20997,408170,317
1,568,500

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

1,529,112
141,186
24,105
7,591
45,417
8,387
1,755,800

1,475,162
129,935
20,3495,510
44,5188,355
1,683,831

Total liabilities

2,894,818

3,252,331

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

147,143
652,465
1,029,976(180,639)
30,278
1,679,223
80,9301,760,154

147,143
652,185
1,227,020(180,626)
40,5781,886,300
82,4501,968,751

Total liabilities and equity

4,654,972

5,221,083

3

(2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly
Consolidated Statement of Comprehensive Income
Condensed Quarterly Consolidated Statements of Income (First Three Quarters)

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Share of profit of entities accounted for using equity
methodOther income
Other expenses
Business profit (loss)

Through Third
Quarter of Fiscal 2020
(April 1, 2020 –December 31, 2020)(million yen)Through Third
Quarter of Fiscal 2021
(April 1, 2021 –December 31, 2021)

2,318,467(2,136,590)
181,876

3,097,394(2,609,123)
488,270(230,130)(250,107)

4,686
19,134(36,763)(61,196)

81,306
20,447(17,077)
322,839－(5,830)－

Impairment losses
Loss on liquidation ofsubsidiaries and associates
Operating profit (loss)(61,196)(4,588)
312,421

Finance income
Finance costs
Profit (loss) before tax

1,285(10,744)(70,655)

1,108(9,683)303,845

Income tax expense
Profit (loss)

3,440(67,214)(78,726)
225,119

Profit (loss) attributable to
Owners of parent
Non-controlling interests
Profit (loss)(69,677)
2,463(67,214)223,047
2,071
225,119

Earnings per share
Basic earnings (loss) per share (yen)Diluted earnings (loss) per share (yen)(121.00)(121.00)

387.38387.26

4

Condensed Quarterly Consolidated Statements of Income (Third Quarter)
Third Quarter of
Fiscal 2020
(October 1, 2020 –December 31, 2020)(million yen)
Third Quarter of
Fiscal 2021
(October 1, 2021 –December 31, 2021)

Revenue
Cost of sales
Gross profit

826,172(696,728)
129,443

1,154,416(975,970)
178,446

Selling, general and administrative expenses
Share of profit of entities accounted for using equity
methodOther income
Other expenses
Business profit(78,691)(87,795)

4,730
5,561
(7,901)53,142

29,901
8,830(5,413)
123,969－(5,830)－

Impairment losses
Loss on liquidation ofsubsidiaries and associates
Operating profit

53,142(4,588)113,551

Finance income
Finance costs
Profit before tax

353(3,363)50,132387(3,314)
110,624

Income tax expense
Profit(12,826)
37,305(28,827)
81,796

Profit attributable to
Owners of parent
Non-controlling interests
Profit36,034
1,271
37,30582,292(495)
81,796

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

62.58
62.57

142.92142.87

5

Condensed Quarterly Consolidated Statements of Comprehensive Income (First Three Quarters)

Profit (loss)

Through Third
Quarter of Fiscal 2020
(April 1, 2020 –December 31, 2020)(67,214)(million yen)Through Third
Quarter of Fiscal 2021
(April 1, 2021 –December 31, 2021)
225,119

8,107

6,351

34,8661,052

450(2,669)43,424

4,734

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(4,757)
7,389

6,587
1,999

(4,314)(1,683)41,741(25,473)

14,814
23,40028,134
253,254

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income(28,128)
2,654(25,473)

250,247
3,007
253,2546

Condensed Quarterly Consolidated Statements of Comprehensive Income (Third Quarter)

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

7

Third Quarter of
Fiscal 2020
(October 1, 2020 –December 31, 2020)
37,305(million yen)
Third Quarter of
Fiscal 2021
(October 1, 2021 –December 31, 2021)
81,796

3,522

760

19,427(4,278)

(243)

585

22,705(2,932)

(326)
3,356

1,127
(387)

2,309
5,340
28,04565,351

3,990
4,730
1,797
83,59463,7801,571
65,351

83,844(249)
83,594

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
First Three Quarters of Fiscal 2020 (April 1, 2020 – December 31, 2020)

Share capital

Balance as of April 1, 2020

(million yen)
Equity attributable to owners of parent
Other components of equity
Net change infair value ofequityinstruments
Retained
Treasury
Remeasurements
designated as
earnings
sharesof defined benefit
measured at
plans
fair value
through othercomprehensive
incomeCapitalsurplus147,143

652,430

1,002,076(180,637)－

39,768

Profit (loss)－－(69,677)－－－

Other comprehensive income

－

－

－

－

7,531

35,427

Comprehensive income－－(69,677)－

7,531

35,427Purchase of treasury shares

－

－

－

(40)

－

－

Disposal of treasury shares

－

(18)

－

22

－

－

Dividends

－

－

－

－

－

－

Share-based payment transactions

－

(25)

－

37

－

－

Changes in scope of consolidation

－

－

7

－

－

－

－

93

－

－

－

－

－

－

45,402－(7,531)(37,871)

Transfer to non-financial assets

－

－

－

－

－

－

Other

－

－

－

－

－

－

－

50

45,41018(7,531)(37,871)

147,143

652,481

977,809(180,618)－

37,324

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

Total transactions with owners
Balance as of December 31, 2020

Equity attributable to owners of parent
Other components of equity
Exchangedifferences on
Effective
translation of portion of cash
Total
flow hedges
foreign
operations
Balance as of April 1, 2020

Noncontrollinginterests

Total

Total equity(31,941)(1,813)

6,012

1,627,026

79,526

1,706,552－－－(69,677)

2,463(67,214)

Other comprehensive income(7,509)6,100

41,54941,549191

41,741

Comprehensive income(7,509)6,100

41,549(28,128)

2,654(25,473)

Purchase of treasury shares

－

－

－

(40)

－

(40)

Disposal of treasury shares

－

－

－

3

－

3

Dividends

－

－

－

－

(1,736)(1,736)

Share-based payment transactions

－

－

－

11

－

11

Changes in scope of consolidation

－

－

－

7

439

447

－

－

－

93

(111)

(17)

－

－

(45,402)－－－

Transfer to non-financial assets－(3,972)(3,972)(3,972)－(3,972)

Other

－

－

－

－

(351)

(351)

－

(3,972)(49,375)(3,895)(1,759)(5,655)(39,451)313(1,813)

1,595,001

80,422

1,675,423

Profit (loss)

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

Total transactions with owners
Balance as of December 31, 20208

First Three Quarters of Fiscal 2021 (April 1, 2021 – December 31, 2021)

Share capital

Balance as of April 1, 2021

(million yen)
Equity attributable to owners of parent
Other components of equity
Net change infair value ofequityinstruments
Retained
Treasury
Remeasurements
designated as
earnings
sharesof defined benefit
measured at
plans
fair value
through othercomprehensive
incomeCapitalsurplus147,143

652,465

1,029,976(180,639)－

61,620

Profit (loss)－－

223,047－－－

Other comprehensive income

－

－

－

－

6,185

(1,539)Comprehensive income－－

223,047－

6,185(1,539)Purchase of treasury shares

－

－

－

(46)

－

－

Disposal of treasury shares

－

(6)

－

9

－

－

Dividends－－(40,355)－－－

Share-based payment transactions

－

74

－

50

－

－

Changes in scope of consolidation

－

－

－

－

－

－

－

(348)

－

－

－

－

－

－

14,351－(6,185)(8,165)

Transfer to non-financial assets

－

－

－

－

－

－

Other

－

－

－

－

－

－

－

(280)

(26,004)12(6,185)(8,165)

147,143

652,185

1,227,020(180,626)－

51,915

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

Total transactions with owners
Balance as of December 31, 2021

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

Noncontrollinginterests

Total

Total equity(32,256)914

30,278

1,679,223

80,9301,760,154－－－

223,047

2,071

225,119

Other comprehensive income

20,403

2,148

27,19927,199935

28,134Comprehensive income

20,403

2,148

27,199250,247

3,007

253,254

Purchase of treasury shares

－

－

－

(46)

－

(46)

Disposal of treasury shares

－

－

－

2

－

2

Profit (loss)

Dividends－－－(40,355)(1,235)(41,591)

Share-based payment transactions

－

－

－

124

－

124

Changes in scope of consolidation

－

－

－

－

232

232

－

－

－

(348)

282

(66)

－

－

(14,351)－－－

Transfer to non-financial assets－(2,547)(2,547)(2,547)－(2,547)

Other

－

－

－

－

(766)

(766)

－

(2,547)(16,898)(43,170)(1,487)(44,657)(11,852)

515

40,5781,886,300

82,4501,968,751

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

Total transactions with owners
Balance as of December 31, 20219

(4) Condensed Quarterly Consolidated Statement of Cash Flow (First Three Quarters)
Through Third Quarter of
Fiscal 2020
(April 1, 2020 –December 31, 2020)(million yen)Through Third Quarter of
Fiscal 2021
(April 1, 2021 –December 31, 2021)

Profit (loss) before tax(70,655)

303,845

Depreciation and amortization

172,286

185,597

Increase (decrease) in allowance(3,913)(6,281)

Interest and dividend income(6,331)(4,463)

Interest expenses

10,511

9,407

Decrease (increase) in trade and otherreceivables

24,029(7,790)Decrease (increase) in inventories

102,662(359,320)

Increase (decrease) in trade and other payables(69,925)

142,756

Other(38,171)(217,827)

Subtotal

120,492

45,923

Cash flows from operating activities

Interest and dividends received

11,872

26,195Interest paid

(9,270)(8,633)

Income taxes refund (paid)(7,083)(15,850)

Cash flows from operating activities

116,01147,635(230,729)(229,554)

1,223

418

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(3,538)(5,089)Proceeds from sale of investments

117,391

29,558Other(9,713)(5,120)(125,366)(209,788)

Cash flows from investing activities

10(million yen)Through Third Quarter of
Fiscal 2021
(April 1, 2021 –December 31, 2021)

Through Third Quarter of
Fiscal 2020
(April 1, 2020 –December 31, 2020)
Cash flows from financing activities
8,123

5,080

Increase (decrease) in commercial papers(88,999)

220,000

Proceeds from long-term borrowings

223,207

64,558

Repayments of long-term borrowings(100,087)(83,948)

Net increase (decrease) in short-term borrowings

Proceeds from issuance of bonds

60,00035,000

Payments for redemption of bonds-(30,000)

(40)

(43)

-

(40,355)

Payments on lease liabilities(32,852)(41,697)

Other

31,352(1,165)

Cash flows from financing activities

100,704

127,427(2,051)

2,015

89,297(32,709)86,704142,416

176,002109,707

Payments for purchase of treasury shares
Dividends paid to owners of parent

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
Cash and cash equivalents at end of period11(5) Notes to the Condensed Quarterly Consolidated Financial Statements
Notes Pertaining to the Presumption of a Going Concern
There is no item for this period.

12Supplementary Information(1) Consolidated Results and Earnings Forecasts for Fiscal 2021

Steel Business(billion yen)

FY 2020

FY 2021

ChangeFY2021
Forecast(November 5)

First
Three Full year
Quarters

First
Three Full year
Quarters

First
Three Full year
Quarters

Full year

1,607.5

2,255.2

2,243.2

3,210.0

635.7

954.8

Engineering Business

351.2

485.7

359.1

510.0

7.9

24.3

520.0

Trading Business

676.6

932.5

873.3

1,210.0

197.1

277.5

1,210.0

Adjustments(316.9)(446.1)(378.6)(560.0)(61.7)(113.9)(580.0)2,318.4

3,227.2

3,097.3

4,370.0

778.9

1,142.8

4,340.0

A(61.1)(12.9)

322.8

390.0

383.9

402.9

360.0

B

(9.4)

(12.4)(8.5)(10.0)

0.9

2.4(10.0)

Revenue
Business profit 1

3,190.0

Finance income / costs
Segment Profit
Steel Business(101.9)(65.4)

252.0

303.0

353.9

368.4

280.0

Engineering Business

19.6

24.0

21.3

25.0

1.7

1.0

25.0

Trading Business

13.7

20.0

41.9

53.0

28.2

33.0

45.0

Adjustments

(2.1)

(4.1)

(1.0)

(1.0)

1.1

3.1

0

(70.6)(25.4)

314.2

380.0

384.8

405.4

350.0

-

20.4

(10.4)(12.0)(10.4)(32.4)-

Profit before tax
Tax Expense and Profit (Loss)
Attributable to Non-controlling
Interests(70.6)

(4.9)

303.8

368.0

374.4

372.9

350.0

0.9

(16.9)(80.7)(98.0)(81.6)(81.1)(100.0)

Profit Attributable to Owners of Parent(69.6)(21.8)

223.0

270.0

292.6

291.8

250.0

Total

A+B

Exceptional Items 2

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.
1(2) Consolidated Financial Indices Forecasts for Fiscal 2021
Fiscal 2020

Fiscal 2021

1

Return on Sales (ROS)(0.4%)

8.9%

9.3%

Return on Assets (ROA)2(0.3%)

8.0%

8.3%

Return on Equity (ROE)3(1.3%)

15.0%

16.3%

EBITDA

4

Interest-bearing debt outstanding
Debt / EBITDA multiple5
Equity attributable to owners of parent
D/E Ratio6

Change223.4 billion yen

640.0 billion yen

416.6 billion yen

1,806.1 billion yen

1,900.0 billion yen

93.9 billion yen

8.1x

3.0x

(5.1x)

1,679.2 billion yen

1,930.0 billion yen

250.8 billion yen

93.2%

85.5%

(7.7%)ROS = Business profit / Revenue
ROA = Business profit / Total assets
3
ROE = Profit attributable to owners of parent / Equity attributable to owners of parent
4
EBITDA = Business profit + Depreciation and amortization
5
Debt / EBITDA multiple = Interest-bearing debt outstanding / EBITDA
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, 202113

(3) Crude Steel Production (JFE Steel)
FY 2020

Non-consolidated
Consolidated

FY 2021

Non-consolidated
Consolidated(million tons)

1Q

2Q

1H

3Q

4Q

2H

Full year

4.79
5.09
6.25
6.59

5.38
5.68
6.45
6.80

10.17
10.77
12.70
13.39

6.27
6.59
6.49
6.85

6.32
6.60

12.59
13.19
26.00*
27.40*

22.76
23.96

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

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2020

4.59

4.75

9.34

5.42

5.72

11.15

20.49

FY 2021

5.26

5.56

10.83

5.63

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

(%)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2020

44.2

40.2

42.2

40.3

44.3

42.4

42.3

FY 2021

43.2

49.3

46.5

45.9

44*

45*

46*
*estimate(6) Foreign Exchange Rate (Yen/US dollar)(JPY/USD)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2020

107.7

105.9

106.8

104.8

104.7

104.8

105.8

FY 2021

109.8

110.0

109.9

113.1

115*

114*

112*
*estimate(7) Average Selling Price (JFE Steel on non-consolidated basis)(thousand yen/ton)

1Q

2Q

1H

3Q

4Q

2H

Full year

FY 2020

75.3

71.0

73.1

73.4

78.8

76.2

74.8

FY 2021

87.6

101.0

94.5

107.6

115*

111*

103*
*estimate(8) Engineering Business Orders (including intersegment transactions)(billion yen)

Field

FY2020Waste to Resource
Carbon Neutral
Combined utility services
Core Infrastructure

220.0
36.0
11.0
234.1

FY2021
Forecast
220.0*
82.0*
15.0*
213.0*

Total

501.1

530.0*

Change0.0
46.0
4.0(21.1)
28.9*estimate(9) Capital Investment and Depreciation and Amortization (JFE Holdings)(billion yen)

FY2020

FY2021
Forecast

Capital Investment

342.3

340.0*

Depreciation & Amortization

236.3

250.0**estimate14(on construction basis)

(10) Breakdown of Changes in Segment Profit
a. First Three Quarters of FY 2021, compared to same period of FY 2020
(billion yen)
ChangeSteel Business- Cost23.0-

Sales volume and mix

56.0

-

Sales prices and raw materials

17.0

-

Unrealized gains (losses) on inventories

235.0

-

Others

22.9

-

Total

353.9

Engineering Business, Trading Business, Adjustment

Capital investment effects, etc.
Volume increase due to recovery indemand for steel materials
Spreads improved against the backdropof domestic and overseas supplydemand and market conditions, despite
rising prices of raw materials
Improved earnings of domestic andoverseas group companies, rising
prices of metals and scrap, etc.

30.9

b. FY 2021 (forecast), compared to FY 2020

(billion yen)
ChangeSteel Business
-

Cost

30.0

-

Sales volume and mix

63.0

-

Sales prices and raw materials

93.0

-

Unrealized gains (losses) on inventories

210.0

-

Others(27.6)

-

Total

368.4

Engineering Business, Trading Business, Adjustment

Capital investment effects, expanded
use of inexpensive raw materials, etc.
Volume increase due to recovery indemand for steel materials
Despite the outlook for sharp rises inprimary raw material prices, spreads
will improve due to early reflection ofthese costs and higher selling prices
reflecting supply-demand and market
conditions
Improved earnings of domestic andoverseas group companies, rising
prices of metals and scrap, etc.

37.0

c. FY 2021 (forecast), compared to previous forecast(billion yen)
ChangeSteel Business- Cost0.0-

Sales volume and mix

(9.0)

-

Sales prices and raw materials

7.0-

Unrealized gains (losses) on inventories

15.0

-

Others

10.0

-

Total

23.0

Engineering Business, Trading Business, Adjustment

7.0

###
15

Approximately 26.5 million tons ofcrude steel (standalone)→
Approximately 26.0 million
Spread will widen on improved selling
prices, including due to early reflectionof primary raw material costs
Increased earnings of domestic andoverseas group companies, rising
prices of metals, etc.
Increase of +8.0 in trading businessdue to higher profits of domestic andoverseas group companies, mainly inNorth America