Kobe steel 2 disclosure 2016 fiscal year three quarter results, due to the Chinese engineering machinery business credit is difficult to recover, the provision for bad debts reserve 31 billion yen (about 1 billion 900 million yuan). The net loss of 36 billion 400 million yen, has two consecutive years of losses. Sales decreased by 10.1% over the same period last year to 1 trillion and 217 billion 100 million yen. Kobelco intends to China investment party to terminate the joint venture relationship, restructuring.
In a number of business in Chinese before Kobelco, but in the future will focus on the business of hydraulic excavator. The company will put the debt management department is independent from the business department, and the merge of agents, strengthen sales efforts.
As of that day, three large Steel Corp, including Kobelco's 2016 fiscal year three quarter earnings all released. Affected by the soaring prices of raw materials and other factors, net profit NSSC fell 61.2% to 59 billion 400 million yen, JFE holdings decreased by 10.8% to 33 billion 200 million yen. NSSC sales fell 10.3% to 3 trillion and 332 billion yen, JFE fell 9.3% to 2 trillion and 311 billion 700 million yen.
