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CSC Sees Jan. Revenue Hit One-year High of NT$32.313 Bn.

Feb 17, 2014 | By CENS

Mainly fueled by surging shipment, Taiwan-based China Steel Corp. (CSC), the island's largest steelmaker by size, scored consolidated revenue of NT$32.313 billion in January, up 11% from NT$29.11 billion a month ago as an annual high, according to the firm's latest financial report.

In the month, CSC's steel shipment significantly soared from 749,100 tonnes in December 2013 to 791,400 tonnes. Driven by downstream manufacturers' restocking demand, the company's shipment is likely to continue growing in February.

Considering CSC's banner shipment and stable international prices of iron ore, institutional investors said that the firm's pretax profits for January are estimated at about NT$1.5 billion, or NT$0.09 per share, and likely to hit NT$5 billion, or NT$0.32 per share, for the first quarter of this year, compared to NT$5.168 billion earned a quarter ago.

As to outlook in the second quarter, institutional investors generally believe that CSC will enjoy rosier performance than in the first quarter, primarily because seasonal booms will hit downstream manufacturing sectors, which, in turn, will likely motivate the industry-leading steelmaker to raise prices of domestically sold steel during April-May after deciding to raise nominal prices by 1.2% on average for March.

A brighter prospect for Taiwan's steel market in the second quarter, in fact, can be predicted from the latest price trends. According to insiders, domestic price of cold-rolled steels has steadily risen to NT$21,000-21,200 per tonne recently without signs of reversing, while that of hot-rolled steels has been stable.

CSC's chairman Tsou Juo-chi is optimistic about a bullish steel market as well, saying that most Chinese steelmakers have been required by the government to reduce pollution during production and control output at reasonable levels to avoid oversupply, a main factor among others behind the industry's recession last year, and sustain prices. As long as they follow the requirements, the chairman said, the steel market will stay robust in the coming months as expected. (SC)

CSC's Steel Shipment by Month
Month
Shipment Volume
Aug., 2013
754,000 tonnes
Sept., 2013
793,100 tonnes
Oct., 2013
853,500 tonnes
Nov., 2013
723,200 tonnes
Dec., 2013
749,100 tonnes
Jan., 2014
791,400 tonnes
Source: China Steel Corp.


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