Production cuts affect Q3 profit growth for China's steel mills
Time:Mon, 18 Oct 2021 08:03:10 +0800
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Shougang, Shagang, and other eight Chinese listed steel companies released the first three-quarter earnings, which were still at a high level. The net profit attributable to the parent has achieved substantial year-on-year growth.
In the third quarter alone, the year-on-year growth rate of steel enterprises' net profits generally slowed down, and individual enterprises even saw a year-on-year decline in net profits.
China's steel industry has cut production even more than the market expected to meet the country's energy consumption targets since the third quarter, industry officials said.
Although the recent high steel prices, the decline in raw material costs of steel production profits continued to rise, the decline in the third-quarter steel production and sales led to a slowdown of steel earnings growth.
