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 2017.
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.
【国内英语资讯:Economic Watch: Chinese steel makers post fat profits amid capacity cuts】相关文章:
★ 全球氦气供应短缺
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15