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China: 16 listed steelmakers report profit gains in first three quarters of 2023

A total of 27 listed steel companies in China have recently disclosed their financial reports for the first three quarters of 2023, achieving a total revenue of Yuan 1.19...

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31 Oct 2023, 11:50 IST
China: 16 listed steelmakers report profit gains in first three quarters of 2023

A total of 27 listed steel companies in China have recently disclosed their financial reports for the first three quarters of 2023, achieving a total revenue of Yuan 1.19 trillion ($ 161.95 billion) and raking in net profits of Yuan 12.43 billion, Mysteel has found based on the newly released quarterly reports from domestic steelmakers.

Among the 27 steel companies, 16 have made profits over the first three quarters while 11 witnessed losses. Although more than half of these steel producers maintained a profitable state, the majority of them saw their profits shrink considerably, Mysteel Global noted.

For instance, the list topper Baoshan Iron & Steel posted a net profit of Yuan 8.35 billion over January-September, down by a marked 11.76% from the same period last year, followed by CITIC Pacific Special Steel Group with a net profit of Yuan 4.37 billion, down by 21.09% on year.

Written by Adele Pan, panqinjie@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.

31 Oct 2023, 11:50 IST

 

 

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