Taiwan CSC's carbon steel sales jump 23% YoY in January
Last month, the steel giant in Taiwan earned a pre-tax profit of TWD 681 million ($21.5 million), as against the severe loss of TWD 1.1 billion for January 2023, mainly thanks to higher carbon steel sales this year and the climb in its finished steel sales prices, the company explained in the release.
The increase in CSC's carbon steel sales reflected improved demand from local and overseas buyers stemming from the gradual recovery in the world economy and global manufacturing, the company said.
Quoting the latest forecast from the International Monetary Fund published in late January, CSC observed that global economic growth is expected to reach 3.1% this year – higher than the Fund's previous estimate of 2.9% made last October – thanks to the resilience of the economies in the United States and Europe. Also, the economy in mainland China may gain support from the central government's series of fiscal stimulus policies, it suggested.
Benefiting from the recovery in export business, Taiwan's economic growth may reach 3.15% in 2024, better than the on-year rise of 1.4% last year, CSC noted.
Capitalizing on the positive market sentiment, the company had steadily raised the list prices of its major steel products for sales during the present January-March quarter, as Mysteel Global reported, with the total rise in prices of hot-rolled coil, for example, reaching TWD 1,100/tonne for sales this quarter.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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