Chinese steelmakers have been releasing their figures for the first three quarters of 2013.
Shagang, part of the Shagang Group reported net profits of RMB14.9 billion, although its operational revenue dropped RMB7.96 billion. The company attributes its profit surge to higher steel prices in 2013 compared to last year.
Wuhan Iron and Steel (Wusteel) achieved net profits of RMB650.8 million, up almost 100% on the same period in 2012.
Anshan Iron and Steel (Ansteel) made net profits of RMB765 million, but incurred a loss of RMB3.17 billion for the same period last year.
The company made losses of RMB2.146 billion in 2011 and RMB4.157 billion in 2012. As a result, it has made efforts to optimise its product mix and logistics management, intensify investment on energy-saving technologies and control expenditure.
Baosteel’s profits were down 57% to RMB4.64 billion with operating revenue down 2.42% to RMB142.26 billion.
Lastly, TISCO’s (Shanxi Taigang Stainless Steel Corporation) net profits were down 34.74% to RMB445 million. Operating revenues were RMB83 billion, up 7.18% when compared to the same period in 2012. In Q3 2013, TISCO’s net profits were down 65% at RMB112 million.
Source: China Metals.