Hesteel expects 25-36 percent decline in net profit in 2019

Thursday, 16 January 2020 12:21:28 (GMT+3)   |   Shanghai
       

Major Chinese steelmaker Hebei Province-based Hesteel has announced that it expected to register a net profit of RMB 2.3-2.7 billion ($0.33-0.4 billion) for 2019, down 25.54-36.58 percent compared to the net profit of RMB 3.626 billion it recorded in 2018.

Hesteel stated that the higher steel output in China’s steel industry in 2019 resulted in lower selling prices of steel in the given year, while import iron ore prices saw sharp rises, also contributing to the company’s lower profitability.

 


Similar articles

Ex-Asia slab prices differ depending on destination, more declines expected

28 Mar | Flats and Slab

Chinese HDG export prices mainly stable, with negative bias in some offers

28 Mar | Flats and Slab

No halt to downtrend in SE Asia’s import billet market, more traders going short

28 Mar | Longs and Billet

Local coke prices in China fall again, decline likely to halt next week

22 Mar | Scrap & Raw Materials

Chinese HDG export prices fall slightly, but local market improves

21 Mar | Flats and Slab

Vietnam’s Formosa cuts HRC prices again in March as gap with China remains big

19 Mar | Flats and Slab

Chinese HDG export prices decline amid fall in local and futures prices

14 Mar | Flats and Slab

Ex-Asia wire rod prices fall, market awaits more output cuts in China to slow downtrend

14 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 14, 2024

14 Mar | Longs and Billet

Vietnam’s Formosa cuts local HRC prices less than expected as import prices dip sharply again

13 Mar | Flats and Slab