Nippon Denko Co., Ltd. provided earnings guidance for the second half and full fiscal year ending December 2020. Based on these business environments, in the second half of the fiscal year, The company expects a decrease in both sales and profits and, unfortunately, a negative net profit. Although sales are expected to decline as same as the actual result in the first half of the fiscal year, profitability is expected to recover due to a substantial increase in profits in the Ferroalloys Business. A full-year forecast of business performance by segment. In the Ferroalloys Business, although there will be a decline in the second half of the fiscal year, profits are expected to improve for the full fiscal year, due to a decline in raw material costs. Operating income for the three non-ferroalloys businesses is also expected to increase 20% YoY to JPY 3.6 billion, despite a slight decline in the second half of the fiscal year, and both the net sales and operating income margin are expected to improve from 17% in the previous fiscal year to 21%. In terms of the YoY difference in operating income for the full fiscal year similarly to the change analysis for the first half, the decline in raw material costs caused by a large gap in inventory revaluation gains/losses in the Ferroalloys Business is the factor to boost the profit substantially.