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Shan Steel: Losses reversed in H1

By CFM , 2015-08-28 12:00:00

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The after-hour report of Shandong Iron & Steel Group Company Limited suggested on Wednesday that the company has reversed its losses in H1 with net profit of CNY 7.4544 million and earnings per share of CNY 0.0012, while the company lossed CNY 0.797 billion during the same period last year.

From January to June, Shan Steel gained a revenue of CNY23.004 billion, a decline of 15.32% on a year-on-year basis, due to the decline of sales volume and steel price. With falling demand and high output of steel production, the domestic problem of supply exceeding demand was more prominent. With the increasingly intense competition, steel price declined rapidly, creating a new record of low price. In face of pressing market, Shan Steel was constantly carrying out the program “Operational Transformation, Management Promoting” to readjust the structure of the varieties, intensify marketing and control production cost to keep it below the average in the industry, which successfully helped to keep production and operation stable, reversing the losses in Q2. During the report period, the production of native iron reaches 4.92 million tons, 44.32% of the yearly plan; steel 5.72 million tons, 43.50%; and rolled steel 5.44 million tons, 42.38%.

Shan Steel declared that the business revenue in H1 of this year has fulfilled 42.60% of the yearly plan, which did not reach the target, mainly because sales declined and the prices decreased by a large margin.

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