Posted on 23 May 2024
Sales of carbon steel products by China Steel Corp (CSC), Taiwan's top integrated steel producer, continued to recover in April to reach 680,086 tonnes, up for the second month by another 18,450 tonnes or 2.8% from the previous month, according to the company's latest release on its website on Tuesday.
For the first four months of this year, CSC's total sales for carbon steel products came in at 2.66 million tonnes, higher by 67,285 tonnes or 2.6% compared with the same period last year, the company release showed.
With its better performing carbon steel sales, the steel giant's pre-tax profit continued to move higher last month, up by another TWD 2.1 million ($65,000) on month to reach TWD 667 million. This took its total pre-tax profit for the first four months to TWD 2.15 billion, much higher than the TWD 868 million it recorded for the same period last year, according to CSC.
Going forward, the Kaohsiung-headquartered company expects that the global steel market will recover steadily thanks to the improved performance of the global economy.
CSC noted that in early May, the Organization for Economic Co-operation and Development had raised its forecast of global economic growth for the second time this year, which showed that the global economy may achieve on-year growth of 3.1% this year, higher than the OECD's previous estimate of 2.9% made in February.
Taiwan's economy also performed well in this year's first quarter with the improvement in export business driven by the restocking taking place among overseas end-users. Over January-March, Taiwan's economic growth registered 6.51% on year, the strongest result since the third quarter of 2021, according to the release of the local government.
The positive sentiment had encouraged CSC to raise its list prices of major carbon steel products such as hot-rolled and cold-rolled coils by TWD 300/t for local sales in June, as reported.
Source:Mysteel Global
