August 3, 2022
Company Name:
Representative:
Contact:

JFE Holdings, Inc. (Code: 5411)
Koji Kakigi, President and CEO
Hiroki Watanabe, Manager, Public Relations Section
Investor Relations and Corporate Communications Department
Tel: +81-3-3597-3842

To whom it may concern:
Notice of Revised Financial Results Forecasts and Dividend Forecasts
JFE Holdings, Inc. announces herewith its revised consolidated financial results forecasts anddividend forecasts.
■ Revised consolidated financial results forecasts
Fiscal 2022 first half (April 1, 2022 to September 30, 2022)
Revenue(million yen)Previous forecast (A)New forecast (B)Amount of change (B-A)
Change (%)
Reference:
FY2021 results

Business
profit*(million yen)

Profitbefore tax(million yen)

2,610,000-

165,000-

155,000-

1,942,977

198,869

Profitattributableto ownersof parent(million yen)Basicearnings
per share(yen)100,000-

173.27

193,221

140,755

244.45

Profitbefore tax

Profitattributableto ownersof parentBasicearnings
per share

Fiscal 2022 full year (April 1, 2022 to March 31, 2023)
Revenue(million yen)

Business
profit*(million yen)(million yen)Previous forecast (A)New forecast (B)Amount of change (B-A)
Change (%)

5,370,000-

235,000-

220,000-

Reference:
FY2021 results

4,365,145

416,466

388,535(million yen)(yen)

140,000-

241.96

288,058

500.28* Profit before tax, excluding financial income and one-time items of a materially significant value, used as a benchmark
indicator of the company’s consolidated earnings.

JFE Holdings previously did not announce its consolidated forecasts for FY2022 (ending March 31,2023) due to highly uncertain trends in the global economy, including the situation in Ukraine,
which made reasonable forecasts difficult to formulate, especially for the steel business. At thistime, however, the Company has decided to disclose its consolidated forecasts based on recent
performance trends as well as currently available information and forecasts.
For the full year, business profit is now forecast to come to 235.0 billion yen. Details for eachbusiness segment follow.

Steel business: In Japan, downward pressure has been placed on the economy by factors such ascontinued supply constraints on parts for automobile production, etc., soaring prices for resourcesand energy, and rising import prices due to a rapid depreciation of the yen. Overseas, demand forsteel products is weakening due to China's zero-Covid policy and uncertainty about the global
economy in the face of Russia’s invasion of Ukraine. Toward the latter half of the fiscal year,
however, both domestic and overseas demand for steel products are expected to recovermoderately as economies rebound from Covid and the Chinese government rolls out anticipatedeconomic-stimulus measures. JFE Steel's non-consolidated crude steel production is expected tobe slightly less than 26 million tons for the full year. Segment income for the full year is expected tocome to 150.0 billion yen, lower than in the previous year due to negative factors such as foreignexchange effects reflecting the yen’s sharp depreciation and inventory valuation differences.
Concurrently, however, the company will continue to implement measures aimed at improving
profitability, mainly by strengthening domestic sales prices.
Engineering business: We expect the environmental, energy and infrastructure fields to remainstrong, but due to the impact of soaring prices for materials and equipment we forecast segment
income of 20.0 billion yen for the full year, down from the previous fiscal year.
Trading business: In the first half we expect performance to remain strong, mainly in North
American business and the steel-materials market, which should support high profits. Given theuncertain business environment, however, we forecast a segment profit of 55.0 billion yen for thefull year.
Note: Segment profit, which includes financial profit and loss in business profit, is used as a benchmark indicator of eachsegment’s performance.

■ Revised dividend forecast
Fiscal 2022 (April 1, 2022 to March 31, 2023)
Dividend per share (yen)End of 1stquarter

InterimEnd of 3rdquarter

YearendAnnualPrevious forecast(May 6, 2022)

----

-

Revised forecast

-

40.00

--

-

Dividends in current fiscal year

-

-

-

Dividends in previous fiscal
year (ended March 31, 2022)

-

60.00

-

80.00

140.00

JFE Holdings previously announced that its dividend forecasts for FY 2022 had yet to bedetermined, but in view of the company’s now-released consolidated first-quarter financial results
and first-half forecasts, the board of directors agreed to a FY 2022 interim dividend of 40 yen per
share when it met today, August 3, 2022.
JFE Holdings will decide its yearend dividend forecast at a later date based on financial
performance trends.