Many steel mills report record interim financial results
2017-08-29 17:59:59 [Print]
Magang (Group) Holding Co., Ltd. released its interim financial report on the night of August 23, reporting net profit of around RMB1.64 billion, up by 262.98% YOY. On the same day, Baosteel released its semi-annual performance report, and the company realized RMB550 million of net profit, an increase of 2,035.53% YOY.
Statistics show that as of the evening of August 23, 19 listed steel companies released their performance reports for the first half of 2017. Among them, 18 made profits and 17 reported year-on-year rise in net profit, with many setting a new interim profit record.
Insiders noted that the sharp rise in profit could be attributed to the advancement of supply-side reform, recovery in downstream demand as well as continuously rising steel prices. In the second half of the year, the steel prices are expected to become more reasonable with the overall economy running smoothly.
Among the 17 steel companies whose net profit witnessed a year-on-year rise in H1, 11 companies’ net profit increased over one times and 12 achieved net profit of over RMB100 million.
Magang realized net profit of around RMB1.64, setting a new interim profit record since 2009. Magang attributed the strong financial performance to the demand recovery, overcapacity reduction, relief in oversupply as well as the rising steel prices.
Beijing Shougang Co., Ltd. saw the largest profit rise. In H1 2017, Shougang achieved net profit of RMB949 million, up by 5667.78% YOY, the highest level since it got listed. Its crude steel output reached 8.04 million tons.
Nanjing Iron & Steel achieved net profit of around RMB1.21 in H1 of 2017, up by 730.02% YOY, recording the best ever financial performance for the first half of a year since it got listed. Nanjing Iron & Steel credited the steel price rise for the remark increase in profit. In Q2, the average selling prices for steel board, steel bar, steel wire, strip steel and section steel rose by 35.49%, 48.11%, 26.30%, 30.24% and105.61% respectively over the same period last year.
Valin Group which suffered losses of around RMB2.96 billion in 2015 and RMB1.06 billion in 2016 achieved net profit of about RMB956 million in H1 2017, the best interim financial performance since it was listed.
In addition, Fangda Special Steel and Lingyuan Iron & Steel also recorded the highest interim profit since they were listed, while Shaoguan Iron and Steel Songshan Co., Ltd. registered the strongest interim financial performance since 2004.
Statistics show that as of the evening of August 23, 19 listed steel companies released their performance reports for the first half of 2017. Among them, 18 made profits and 17 reported year-on-year rise in net profit, with many setting a new interim profit record.
Insiders noted that the sharp rise in profit could be attributed to the advancement of supply-side reform, recovery in downstream demand as well as continuously rising steel prices. In the second half of the year, the steel prices are expected to become more reasonable with the overall economy running smoothly.
Among the 17 steel companies whose net profit witnessed a year-on-year rise in H1, 11 companies’ net profit increased over one times and 12 achieved net profit of over RMB100 million.
Magang realized net profit of around RMB1.64, setting a new interim profit record since 2009. Magang attributed the strong financial performance to the demand recovery, overcapacity reduction, relief in oversupply as well as the rising steel prices.
Beijing Shougang Co., Ltd. saw the largest profit rise. In H1 2017, Shougang achieved net profit of RMB949 million, up by 5667.78% YOY, the highest level since it got listed. Its crude steel output reached 8.04 million tons.
Nanjing Iron & Steel achieved net profit of around RMB1.21 in H1 of 2017, up by 730.02% YOY, recording the best ever financial performance for the first half of a year since it got listed. Nanjing Iron & Steel credited the steel price rise for the remark increase in profit. In Q2, the average selling prices for steel board, steel bar, steel wire, strip steel and section steel rose by 35.49%, 48.11%, 26.30%, 30.24% and105.61% respectively over the same period last year.
Valin Group which suffered losses of around RMB2.96 billion in 2015 and RMB1.06 billion in 2016 achieved net profit of about RMB956 million in H1 2017, the best interim financial performance since it was listed.
In addition, Fangda Special Steel and Lingyuan Iron & Steel also recorded the highest interim profit since they were listed, while Shaoguan Iron and Steel Songshan Co., Ltd. registered the strongest interim financial performance since 2004.
