October 30, 2019 / 6:07 AM / 18 days ago

Mitsui CFO: Slower global economy amid trade war hurting chemical, steel profits

TOKYO, Oct 30 (Reuters) - Mitsui & Co Ltd Chief Financial Officer Takakazu Uchida said on Wednesday that slower global economy amid prolonged U.S.-Sino trade war is hurting its profits in chemical and steel products businesses.

The Japanese trading house, however, stuck to its forecast for a record high profit of 450 billion yen ($4.13 billion) for the year to March 31, 2020, saying stronger-than-expected iron ore prices and solid profits from trading of heavy oil and liquefied natural gas will likely offset weaker performance in chemical and other non-resource businesses.

“Chemical and steel product segments have been weighed down by slumping demand in automobiles and electronic parts,” Uchida told an earnings news conference, adding that sliding steel prices in the United States was also hurting its profits. ($1 = 108.8300 yen) (Reporting by Yuka Obayashi; Editing by Himani Sarkar)

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