Chinese steelmaker Daye Special Steel, a Hubei Province-based subsidiary of Hong Kong-listed Citic Pacific Group, has recently issued its annual financial report for 2009. Accordingly, the company's net profit in 2009 registered a year-on-year increase of 65.67 percent, rising to $333 million.
The annual report states that in 2009, despite the impact of the global financial crisis on the domestic steel industry, the company gradually saw a turnaround from March and then registered a steady recovery in the second half of the year.
In 2009, Daye Special Steel registered figures of 1,078,300 mt, 1,108,300 mt and 1,101,500 mt respectively in terms of crude steel output, finished steel output and sales volume. Meanwhile, the company's operating profit for the year reached $378 million, with total profit of $380 million, up 233.40 percent and 112.63 percent respectively compared with the previous year. In addition, the company recorded $5.56 billion in operating revenues, down 25.87 percent; $5.04 billion in operating costs, down 29.69 percent; while its asset-liability ratio dropped by 2.35 percent to 45.96 percent -all comparisons being with the previous year.