JFE Holdings, Inc. (JFEEF)
- Reuters
UPDATE 2-Japanese steelmaker JFE eyes overseas investments amid slower profit growth
JFE Holdings plans to ramp up overseas investments as part of a long-term drive to double profits, Japan's No. 2 steelmaker said on Tuesday, as it posted a 21.4% rise in annual net profit but also flagged a smaller increase for this year. JFE President Yoshihisa Kitano, who took the helm on April 1, said he would accelerate the company's strategic shift from quantity to quality, but did not give a timeframe for doubling its business profits, other than saying it would take more than 3-5 years.
- Reuters
Exclusive-Japan's JFE Steel eyes stake in Teck's coal business -sources
TORONTO (Reuters) -Japan's JFE Steel Corp is in talks to buy a stake in the metallurgical coal business of Canada's Teck Resources, two people aware of the development told Reuters, adding to the list of suitors that also includes miner Glencore. Major steelmakers are seeking to diversify their supplies of coking coal due to sanctions on Russia, one of the leading producers. The previously unreported talks between JFE and Teck have been ongoing since September, another source said.
- Reuters
Japan's Nikkei closes at one-month high; JFE slides
Japanese stocks closed at their highest levels in a month on Tuesday, even as profit-taking emerged as the Nikkei index rose afresh above the key 33,000 mark and speculation about new share sales also weighed on sentiment. The Nikkei 225 share average ended 0.3% up at 33,036.76, after dancing around the psychological 33,000 mark for the first time in more than a month in the session. JFE Holdings led decliners on the Nikkei by a wide margin, sliding 6% after the Nikkei newspaper said the steelmaker seeks to raise as much as 120 billion yen ($818.39 million) through a public share offering and another 90 billion yen by offering five-year convertible bonds to international investors in September.
