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Taiwan's Steel Firms See Substantial Growth in October Sales
Source: CENS, November 23, 2007
Thanks to the booming demand internationally, most domestic manufacturers of iron and steel saw substantial growth in sales in October.
China Steel Corp. (CSC) and Tung Ho Steel Enterprise Co. each enjoyed a historic monthly record in October sales. Despite big slump in third-quarter sales, stainless steel manufacturers, including Yeun Chyang Industrial Co. and Rodex Fasteners Co., posted over 20% sales growth in October from the preceding month.
A domestic steel manufacturer said the market demand has been on the rise as the fourth quarter is traditionally a booming sales season for the iron and steel sector. At present, the prices for carbon steel and stainless steel are rising.
Yeun Chyang said it saw October sales hit NT$2 billion (US$61.91 million at US$1:NT$32.3), representing a 52% growth from NT$1.345 billion (US$41.64 million) from September and up 7% year-on-year. An executive of Yeun Chyang noted the quoting prices for stainless steel have been upwardly adjusted. The company saw shipments of stainless steel amount to 15,000 metric tons in October, up a whopping 50% from the previous month.
Focusing on the production of stainless steel fasteners, Rodex scored NT$200 million (US$6.19 million) in sales in October, up 23% from the preceding month.
CSC, Taiwan`s largest integrated producer of steel products, said it registered NT$18.445 billion (US$571.05 million) in sales in October, hitting a historic high monthly record.
Tung Ho also saw monthly sales hit a historic high record in October. The company scored NT$3.689 billion (US$114.21 million) in October sales, up 9.4% from NT$3.373 billion (US$104.42 million) registered in September.
Tung Ho noted it scored NT$420 million (US$13 million) and NT$4.651 billion (US$143.99 million) in pretax earnings in October and in the first 10 months of this year, respectively. The company`s per-share earnings reached NT$4.94 (US$0.15) in the first 10 months.
Feng Hsin Iron & Steel Co. is the only one listed steel firm that encountered a decline in October sales. But the company scored NT$272 million (US$8.42 million) in monthly earnings in October, up 3.82% from the preceding month. The company posted NT$2.949 billion (US$91.3 million) in pretax earnings, or NT$5.2 (US$0.16) in earnings per share, in the first 10 months of this year.