Valin Steel’s net profit up 39.08 percent in Jan-Sept

Monday, 02 November 2020 14:30:16 (GMT+3)   |   Shanghai

Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has issued its financial report for the first nine months of the current year, announcing that it registered an operating revenue of RMB 82.93 billion ($12.4 billion), up 2.4 percent year on year, while posting a net profit of RMB 4.837 billion ($0.72 billion), up 39.08 percent year on year. In the given period, its finished steel output amounted to 18.46 million mt, up 5.93 percent year on year.

According to Valin Steel, its subsidiary Valin Lianyuan Iron and Steel sold 367,500 mt of high-end heat treatment plate in the first nine months, up around 120 percent year on year, and achieved a revenue of RMB 1.887 billion ($0.28 billion) for the period. Meanwhile, in the first nine months its other subsidiary, auto sheet producer Valin ArcelorMittal Automotive Steel Sheet (VAMA), saw its net profit rise by 59.7 percent year on year to RMB 234 million ($34.9 million), while it posted an operating revenue of RMB 4.705 billion ($0.7 billion), up 29.61 percent year on year.

Valin Steel’s net profit increased in the given period amid the improvement in the steel market following the effective control of the Covid-19 pandemic in China.

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