Valin Steel foresees higher Q3 profit amid better steel prices, bigger output

Friday, 16 October 2020 14:30:06 (GMT+3)   |   Shanghai
       

Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has issued its preliminary financial report for the first nine months of the current year, forecasting that its net profit will decrease by 0.08-4.12 percent year on year to RMB 4.74-4.94 billion ($0.7-0.73 billion). In particular, in the third quarter this year, its net profit is foreseen to amount to RMB 1.75-1.95 billion ($0.26-0.29 billion), rising by 21.94-35.88 percent year on year.

Valin Steel said that in the third quarter this year its finished steel output amounted to 6.39 million mt, up 9.37 percent year on year. In particular, the net profit of its subsidiary Valin Lianyuan Iron and Steel is expected to increase by over 50 percent in the third quarter amid the improvement of the steel market following the effective control of the Covid-19 pandemic in China, contributing to the rise of Valin Steel’s net profit in the given period.


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