China Steel Corp (CSC), the nation’s biggest steelmaker, expects to swing into profit next quarter as recent production cuts, primarily in China, to curb overcapacity have helped boost steel prices.
That would help CSC end months-long pre-tax losses since October last year. The company posted its fourth consecutive monthly pre-tax loss in January, as unprecedented oversupply and sluggish demand have driven prices down since the second half of last year.
China trimmed crude steel output by 7.8 percent year-on-year in January, which helped reduce worldwide output by 7.1 percent, CSC chairman Andrew Sung (宋志育) told a news conference yesterday, citing World Steel Association statistics.
Nenhum comentário:
Postar um comentário