Taiwan's China Steel 3Q Net Profit Doubles

Resource from: CBCC Likes:90

Nov 15,2013

China Steel Corp., Taiwan's largest steelmaker by revenue, said Monday third-quarter net profit doubled, helped by improving sales and lower material costs. Net profit was 3.78 billion New Taiwan dollars (US$128 million), against NT$1.88 billion a year earlier, the company said in a statement. Revenue rose to NT$87.3 billion from NT$83.8 billion. Still, the big on-year jump in profit was mostly due to a low comparison base during an economic slowdown last year, said Executive Vice President Steve Lee. "Demand didn't improve significantly...the orders we received for the fourth quarter are weaker than normal peak season in the year-end and also likely fell a bit from the third quarter," Mr. Lee told The Wall Street Journal. Mr. Lee added that export prices of steel products are under pressure because of severe competition. The company in October said it will keep domestic product prices unchanged for December as a result of sluggish demand. Demand hadn't recovered completely after China's National Day holidays in early October, and inventories increased slightly, it said at the time. China Steel sells about 75% of its output domestically and exports most of the rest to China and Japan.

(CBCC)

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