Chongqing Steel expects sharp rise in net profit for Q1

Friday, 09 April 2021 15:16:35 (GMT+3)   |   Shanghai

Chongqing-based Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel) has issued its earnings forecast for the first quarter of the current year, forecasting that its net profit will increase by RMB 1.08 billion ($0.16 billion), or 25880.66 percent year on year.

Chongqing Steel said a series of technical transformation since the beginning of 2020 optimized its product mix and enhanced products’ competitiveness. In the first quarter this year, the company lowered the production cost and improved the efficiency amid the recovery of the steel industry, resulting in big rises in its net profit.

Currently, Chongqing Steel’s production capacity of crude steel amounts to 8.4 million mt, having production lines of 4,100 mm wide and thick plate, 2,700 mm medium plate, 1,780 mm hot-rolled strip, high-speed wire rod and bars. 

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