Taiwan’s China Steel Corp. (CSC) reported a 3% increase in consolidated revenue to approximately NTD 93.8 billion (USD 2.8 billion) in the first quarter compared to the same period last year.
Consolidated operating income and profit before tax experienced remarkable growth, soaring by 3,053% and 2,072% year on year to about NT$769 million (USD 23.5 million) and NT$1.5 billion (USD 45.9 million), respectively.
CSC anticipates a relaxation in the high-interest rate environment and a resurgence in the manufacturing sector, leading to increased steel demand.
Additionally, the recovery of US consumption, coupled with China's economic stimulus policies, is projected to bolster steel prices. Furthermore, elevated steel production costs, particularly due to robust iron ore prices, are providing further support to steel prices.
Consequently, a modest recovery in the global steel market is expected.
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