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Aerospace & Defense Industries

Mitsubishi Heavy returns to profit as it makes low-carbon shift

Japanese company sees strong demand for cleaner steel and biomass energy

Mitsubishi Heavy is one of the hardest hit Japanese manufacturers amid the COVID crisis. The company is now looking to its mainstay business of energy to lead itself out of the slump. (Photo by Keiichiro Sato)

TOKYO -- Mitsubishi Heavy Industries said on Monday that it returned to profitability in the April-June fiscal first quarter, as the Japanese industrial conglomerate aims to stage a turnaround from the COVID-induced aviation crisis.

Mitsubishi Heavy, the developer of Japan's first commercial jet program and the subcontractor of Boeing and Airbus, is one of the hardest hit Japanese manufacturers amid the COVID crisis. In October, the company decided to freeze the SpaceJet commercial jet program. Mitsubishi Heavy produces wings and fuselages for Boeing's wide-body aircraft such as B-777 and B-787, models used for international routes and for which global demand has not returned amid the COVID pandemic.

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