Japanese top three steel manufacturers, Nippon Steel, JFE Holdings, and Kobe Steel, had cut their annual business profit forecast to the year to March 31st due to great impact from weak automotive demand overseas, plunging steel prices in Asia and declining usage in machinery for home appliance, coupled with gloomy global economy caused by the trade war between China and the US.

Nippon Steel cut its business profit forecast to JPY 100 billion, down by 33%, and JFE Holdings lowered its business profit forecast to JPY 60 billion, down by 57% as earnings from its steel segment would fall to zero, which would be the lowest number since its establishment in 2002. Kobe Steel slashed its annual profit estimate to a net loss of JPY 5 billion from its previous estimate of a profit of JPY 10 billion.