久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Chinese steel makers post fat profits amid capacity cuts

Xinhua | Updated: 2018-03-14 00:36
Share
Share - WeChat

BEIJING - China's listed iron and steel producers have posted strong profits for 2017 as the country's production capacity cuts reduced outdated supply and led to rising steel prices.

In an annual report filed with the Shanghai Stock Exchange Monday, Xinjiang Bayi Iron and Steel Co. said its net profit surged more than 30 times last year to 1.17 billion yuan (about $185 million). Its operating revenue rose 69.44 percent to 16.76 billion yuan.

The company also plans to double the number of shares owned by all shareholders using its capital reserves, which will involve no change in the total market value of shares as the share price will be halved.

The Shanghai Stock Exchange soon sent an inquiry letter to Bayi, asking it questions about the reasons for and sustainability of the rapid profit growth, the feasibility of the share doubling plan and the risks associated with its current share price and price earning ratio.

The company reported losses of more than 2 billion yuan in both 2014 and 2015, and shook off losses in 2016 with a net profit of 37 million yuan.

As profitability improved, the company's share price surged more than 105 percent in 2017 and more than 10 percent so far this year.

The company on Tuesday announced that trading of its shares will be suspended as it prepares to respond to the inquiry. Trading will resume after it files its answer with the Shanghai bourse.

A similar inquiry was made to Hunan Valin Steel, which had been under "special treatment" (ST) starting in May 2017 due to losses in previous years.

Valin made 4.12 billion yuan in net profit in 2017, one of the largest among listed steel companies. This was a sharp contrast with a loss of over 1 billion yuan in 2016 and nearly 3 billion yuan in 2015.

The report was also questioned by the Shenzhen Stock Exchange, but after responding to the questions, the company was moved off the ST list last week.

The improved performance in both companies showed the positive outcomes for the steel sector from China's capacity cut efforts.

By last Wednesday, 11 steel companies that had released their annual reports made total profits of 20.13 billion yuan last year, in contrast with a loss of 1.25 billion yuan in 2016, data showed.

Cutting overcapacity in bloated sectors like steel and coal has been high on the government work agenda in recent years as production gluts ate into corporate profits and dragged economic growth.

In the past two years, China cut steel production capacity by about 115 million tonnes as part of the country's supply-side structural reform.

Lowered capacity meant less supply and allowed the sector to focus more on raising the quality of products instead of engaging in price wars.

In the reply to the Shenzhen bourse, Valin said that it made a series of reforms in recent years, including lowering costs, adjusting its production line and putting its automobile steel plate subsidiary into production.

The government's capacity-cutting efforts improved the demand-supply relations and raised corporate profitability, Valin said.

Thanks to the measures, the proportion of steel capacity being used rose to 84.7 percent of total capacity in 2017, up from 66.99 percent in 2015.

Data from the National Development and Reform Commission showed that the composite index for China's steel product prices surged 24.09 percent year on year to 124.05 points in December 2017.

China will cut ineffective steel capacity of 30 million tonnes this year, according to this year's government work report delivered last week.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产欧美va欧美va香蕉在线 | 美女在线网站免费的 | 波多野结衣在线播放视频 | 91成人在线免费视频 | 国产在线精品一区二区不卡 | 欧美日本视频一区 | 一区二区不卡久久精品 | 免费一级肉体全黄毛片 | 美国免费高清一级毛片 | 亚洲成人黄色在线观看 | 亚洲国产成人久久一区久久 | 亚洲欧美中文日韩在线v日本 | 日韩精品中文字幕一区二区三区 | 国产a国产片 | 美女视频黄视大全视频免费网址 | 国产在线观看一区 | 99久久精品国产一区二区三区 | 免费人成在观看 | 国产欧美日韩图片一区二区 | 点击进入不卡毛片免费观看 | 亚洲品质自拍视频 | 性色tv| 日韩精品一区二区三区 在线观看 | 国产综合13p | 欧美色视频日本片免费高清 | 久草在线视频免费资源观看 | 中文 日本 免费 高清 | 国产精品免费视频能看 | www.91亚洲| 69性欧美高清影院 | 一区二区三区久久精品 | 国产成人精品系列在线观看 | 亚洲视频免费观看 | 欧美成人性毛片免费版 | 久久久久视频精品网 | 欧美极品欧美精品欧美视频 | 成人一级 | 欧美成年人网站 | 欧美大片a一级毛片视频 | 97久久精品国产精品青草 | 免费播放欧美毛片 |