Fangda Special Steel posts lower output and 19% fall in net profit for H1

Monday, 19 August 2019 13:49:21 (GMT+3)   |   Shanghai
       

Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) has announced lower operational and financial results for the first half this year due to the accident which occurred at its blast furnace No. 2 and due to cost pressure.

In the given period, the operating revenue of the company totaled RMB 8.253 billion ($1.17 billion), increasing by just 0.18 percent year on year, while its net profit came to RMB 1.055 billion ($0.15 billion), down 19.19 percent year on year.

In H1, Fangda Special Steel had to cut crude steel production by 5.7 percent to 1.96 million mt, while its finished steel output declined by 6.2 percent to 1.98 million mt, both year on year, SteelOrbis has learned from the producer’s report. The lower production was connected with the accident which happened at blast furnace No. 2 in May. The unit was halted, while the company has hired a third party to conduct a safety evaluation and expert review of the blast furnace.


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