In the first three quarters of this year, the major listed Chinese steelmakers suffered a significant overall net loss amid extremely unfavorable steel market operating conditions. According to the figures released by Shanghai Stock Exchange and Shenzhen Stock Exchange, 14 of the 34 Chinese steelmakers listed on the two exchanges posted net losses for the given period, with their aggregate net loss amounting to RMB 18.3 billion ($2.9 billion). Meanwhile, the aggregate net profit of the other 20 steelmakers was just under RMB 15.2 ($2.4 billion). Accordingly, the overall net loss registered by the 34 steelmakers in question was over RMB 3.1 billion ($500 million), compared to a net profit of RMB 20.4 billion in the same period last year.
In particular, in the given period the respective net losses of Liaoning-based Anshan Iron and Steel Group, Anhui-based Ma’anshan Iron and Steel Co., Hunan-based Valin Iron and Steel Co., Henan-based Anyang Iron and Steel Co. and Shandong-based Shandong Iron and Steel Co. amounted to RMB 3.17 billion ($508 million), RMB 3.14 billion ($503 million), RMB 2.55 billion ($409 million), RMB 2.46 billion ($394 million) and RMB 1.957 billion ($314 million).
Meanwhile, only three steelmakers, namely, Shanghai-based Baosteel, Zhejiang-based Kingland Pipeline and Technologies Co. and Zhejiang-based Jiuli Stainless Steel Pipe Co posted year-on-year increases in net profit. In the first three quarters, Shanghai-basedBaosteel recorded a 70 percent increase in net profit, but revenues of RMB 9.1 billion ($1.46 billion) from sales of stainless and special steel assets accounted for most of the company’s net profit.