Mitsui CFO: China virus outbreak may slow manufacturing activities of autos and others

​Japanese trading house Mitsui & Co Ltd sees China’s outbreak of a new coronavirus may slow manufacturing activities in automobile and other sectors, and possibly reduce steel product demand, the company’s executive said

Japanese trading house Mitsui & Co Ltd sees China’s outbreak of a new coronavirus may slow manufacturing activities in automobile and other sectors, and possibly reduce steel product demand, the company’s executive said on Tuesday.

“If steel demand slows, it may also affect prices of iron ore which are already under pressure now,” Mitsui Chief Financial Officer Takakazu Uchida told a news conference after the company released its latest earnings report.

The company also said it booked a 22 billion yen ($202 million) impairment loss on the Moatize coal mine and Nacala Corridor rail & port businesses in Mozambique in October-December quarter to reflect a revision of their business plans.

Source: Reuters

Posted on : 04 February 2020
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Last Updated : Thursday 21st May 2020