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China Steel Corp Optimistic On Demand from SE Asia

Steel News - Published on Thu, 14 Nov 2019

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Taipei Times reported that China Steel Corp gave a cautiously optimistic outlook for its business next year, citing growth from infrastructure demand in Southeast Asia and offshore wind farm development in Taiwan. Sluggish market demand and fluctuating raw material prices have plagued the steel industry since the first quarter of this year. The state-run company has witnessed a 42.29% annual decline in combined pre-tax net income to NTD 13.62 billion (USD 447.7 million) in the first nine months of the year, while revenue fell 4.94% to NTD 281.81 billion. The company said its revenue last month fell 24.04% annually to NTD 27.68 billion.

CSC executive vice president and spokesman Hwang Chien-chih told a news conference in Taipei that while demand is expected to remain flat this quarter, the industry is showing early signs of recovery, as steelmakers are cutting production and raising prices, He added that “US steelmakers have taken the lead in propping up steel prices with the Japanese following suit... It has come to a point where we can’t afford further declines adding that European industry peers have also been cutting production.

Although a US-China trade spat has cast a pall over the industry, the trend of manufacturers relocating to Southeast Asia and demand for steel for plant construction would benefit the industry, he said.

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Posted By : Rabi Wangkhem on Thu, 14 Nov 2019
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