Japan’s steelmakers are on track to recover their annual profits after a slump caused by the COVID-19 pandemic, amid rising world demand driving commodity prices higher.

Japan’s second-largest steelmaker, JFE Holdings, on August 12 doubled its current full-year net profit forecast, similar to steelmakers Nippon Steel and Kobe Steel’s announcement of raising their profit forecasts. for the 2021-2022 fiscal year   over the weekend.

JFE expects a net profit of 240 billion yen ($2.2 billion), its highest since fiscal 2007-2008, up more than 110 billion yen from its May estimate and contrasts with a loss of 21.9 billion yen in the same period last fiscal.

“Steel demand is expected to continue to gradually recover until March 2022,” said JFE Executive Vice President Masashi Terahata.

Earlier, last week, JFE’s bigger rival, Nippon Steel, raised its forecast for fiscal 2021-2022 by 54% to 370 billion yen, thereby recording the highest profit since the home acquisition. manufactured Sumitomo Metal Industries in 2012.

Japan’s third-largest steelmaker Kobe Steel raised its current fiscal profit outlook by 60% to 40 billion yen.

World steel producers also reported positive business results as the global economy recovered.

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