JFE Holdings, Inc. -- Japanese Steel Majors Posted Steady 1H FYE3/2015 Result, Maintaining Price to Raw Material Spread is a Key

Tokyo, November 04, 2014 -- Moody's Japan K.K. says that Japan's two largest steel producers in terms of production -- Nippon Steel & Sumitomo Metal Corporation (NSSM, A3 stable) and JFE Holdings, Inc. (JFE, Baa1 stable) -- both reported steady earnings for 1H (April-September) FYE3/2015, despite the negative impact on domestic steel demand due to the consumption tax hike that took effect from April 2014. As both companies' results were in line with our expectation, ratings of the two Japanese steel majors are unaffected by their respective announcements and the favorable results continue to underpin their current ratings and stable rating outlooks.

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