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Taiwan's China Steel Reports Pretax Profits of NT$23.207 Bn. for 2013

Feb 14, 2014 | By Steve Chuang

With the global steel market gradually on the mend, Taiwan-based China Steel Corp. (CSC), the largest steelmaker on the island by size, scored pretax profits of NT$23.207 billion, or about NT$1.5 per share, for 2013 to meet market expectations, according to the firm's latest financial statement.

In that year, the firm's consolidated revenue totaled around NT$374.83 billion, including NT$29.112 billion in December alone, dipping 2% monthly. However, saddled with sizable compensation claimed in a lawsuit against its subsidiary, Kaohsiung Rapid Transit Corp., the firm saw its pretax profits in the month sharply shrink 32% monthly to only NT$1.179 billion.

Meanwhile, CSC's annual sales of carbon steels totaled 9.4765 million tonnes, with 65% sold domestically.

As to outlook this year, CSC is optimistic about its profits rising quarter by quarter to cap the total of 2013, given that the global steel market's uptrend is widely believed to continue. The optimism, the firm's directors noted, is sustained partly by persistently growing global car sales, and partly by economic recovery in emerging countries, particularly those in the Southeast Asia.

Another sign of the optimism is that CSC has already adjusted nominal prices of its steels for March by 1.2% on average, signaling a bullish global steel market, which is predicted to last into the second quarter of this year.

Institutional investors pointed out that with New Taiwan dollar against greenback continuously dropping along with international steel prices spiraling upward, Taiwanese downstream steelmakers have generally witnessed production capacity fully booked by export orders throughout the first quarter. This hence drives CSC's optimism about a bright prospect in the first half of the year. (SC)


CSC's Performance by Year
Year
2010
2011
2012
2013
Consolidated Revenue
NT$350.205 Bn.
NT$401.027 Bn.
NT$358.537 Bn.
NT$347.830 Bn.
Net Profits
NT$27.586 Bn.
NT$19.493 Bn.
NT$5.811 Bn.
NT$23.207 Bn.
(pretax)
Earnings per Share
NT$2.7
NT$1.36
NT$0.38
NT$1.50
(pretax)
Source: Market Observation Post System


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