By Lisa Wang / Staff reporter
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China Steel Corp (CSC, 中鋼), the nation’s biggest integrated steelmaker, on Wednesday reported a pretax profit of NT$3.31 billion (US$102.6 million) for the second quarter of this year, as recovering steel prices and margin expansion helped cap four consecutive quarters of losses. The company reported a pretax loss of NT$967 million in the first quarter amid price surges in raw materials, including coking coal and iron ore, as well as higher freight and energy prices due to the US-Iran war in the Middle East. It posted a pretax loss of NT$2.69 billion a year earlier. The Kaohsiung-based company’s pretax profit was NT$1.46 billion for last month, up 8 percent from NT$1.35 billion in May.
The logo of China Steel Corp outside the company’s headquarters in Kaohsiung is pictured on April 8 last year.
However, shipments dipped 21 percent to 535,325 tonnes from 673,651 tonnes the previous month. Last quarter, shipments were little changed at about 1.9 million tonnes compared with the previous month’s 1.84 million tonnes, the company said.
