Chubu Steel Plate (TSE: 5461) told the exchanges on September 17, 2026, that the profit forecast it published on May 12 is no longer on track. The reason is not weak demand, it is stalled pricing.
The company said sales volumes of thick steel plate, its main product, are running roughly as expected. But price increases meant to rebuild margin have been slow to take hold, so realized selling prices are coming in below plan and dragging revenue and profit down with them.
For the half year through September 2026, Chubu Steel Plate now expects consolidated sales of ¥29.5bn, down from a prior forecast of ¥30.4bn. That shift took operating profit from an expected ¥100mn gain to an ¥800mn loss, and net profit from a ¥100mn gain to a ¥500mn loss.
| Metric | Previous Forecast (A) | Revised Forecast (B) | Change |
|---|---|---|---|
| H1 sales (Apr-Sep 2026) | ¥30.4bn | ¥29.5bn | -3.0% |
| H1 operating profit | ¥100mn profit | ¥800mn loss | Swing to loss |
| H1 net profit | ¥100mn profit | ¥500mn loss | Swing to loss |
| Full-year sales | ¥69.6bn | ¥68.7bn | -1.3% |
| Full-year operating profit | ¥1.2bn | ¥300mn | -75.0% |
| Full-year net profit | ¥900mn | ¥300mn | -66.7% |
The full-year outlook took a smaller percentage hit on revenue but a far larger one on profit. Consolidated sales guidance for the year to March 2027 falls to ¥68.7bn from ¥69.6bn, a 1.3% cut, while operating profit guidance drops 75% to ¥300mn and net profit guidance drops 66.7% to ¥300mn. Per-share profit guidance falls to ¥11.32 from ¥33.22.
The pressure is not confined to the group. On a stand-alone basis, Chubu Steel Plate now expects a full-year operating loss of ¥300mn and a net loss of ¥100mn, having previously guided to profit on both lines.
These are revised forecasts, not final results. The company's own notice flags that actual outcomes may still move on factors it has not yet quantified.