Masteel’s net profit up 75.74% in 2020, crude steel output up 5.7%

Tuesday, 30 March 2021 11:52:14 (GMT+3)   |   Shanghai

Anhui Province-based Chinese steelmaker Ma’anshan Iron and Steel (Masteel) issued its financial report for 2020, announcing that Masteel Group realized an operating revenue of RMB 81.614 billion ($12.4 billion) for the year, up 4.28 percent year on year, and a net profit attributable to the shareholders of the listed company of RMB 1.983 billion ($0.3 billion), up 75.47 percent year on year.

In 2020, Masteel Group produced 18.55 million mt of pig iron, 20.97 million mt of crude steel and 19.86 million mt of finished steel, up 2.49 percent, 5.7 percent and 5.81 percent, year on year, respectively, all constituting record annual output levels for the group.

The company stated that its steady production and effective cost-reduction measures contributed to the rise in its net profit in the given year.

At the same time, Masteel Group plans to produce 17.83 million mt of pig iron, 21 million mt of crude steel and 19.61 million mt of finished steel in 2021, and to fully complete upgrading to achieve ultra-low emissions.

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