Sinosteel announced its self-reported profits and losses in August: operating profit and pre-tax net profit improved from the previous month, and the accumulated losses in the first eight months turned into profits.

Sinosteel (2002) today announced self-reported profits and losses in August, which benefited from an increase in the steel industry's sales unit gross profit compared with the previous month, driving significant growth in single-month operating profits. In August, consolidated revenue was 27.948 billion yuan, a month-on-month decrease of 6%; however, operating profit of 789 million yuan and pre-tax net profit of 723 million yuan were both better than last month. The cumulative operating profit for the first eight months was 4.076 billion yuan and pre-tax net profit of 3.718 billion yuan, both of which turned from losses to profits in the same period last year.

In terms of steel product sales, Sinosteel's individual steel product sales in August were 548,300 metric tons, and the cumulative sales in the first eight months reached 4.9973 million metric tons, reflecting the improvement in steel market demand compared with last year.

Sinosteel explained that the pre-tax net profit in August increased compared with July, mainly because the gross profit of sales units in the steel industry increased compared with the previous month, which increased operating profits. However, dividend income decreased and non-industry income and expenses turned unfavorable compared with the previous month, which partially offset the increase in operating profits. In terms of profits, Sinosteel pointed out that its pre-tax net profit in the first eight months of this year improved compared with the same period last year, mainly due to the increase in sales volume in the steel industry, which drove the growth of operating profits.

Sinosteel pointed out that the global economy is growing at a moderate pace. The International Monetary Fund (IMF) predicts that the global economic growth rate will be 3.0% this year. However, the war in the Middle East has not stopped, and the United States officially turned to raising interest rates in September, which may rise again before the end of the year. Uncertainty factors have increased, and continuous observation is required. In terms of steel, the sharp rise in coal and iron prices has pushed up steelmaking costs, driving international steel prices to recover; the U.S. tariff policy and supply have tightened, and hot-rolled prices have tended to rise; Europe is subject to the carbon border adjustment mechanism and import tariff quota restrictions, and hot-rolled prices have increased significantly; Asia has benefited from the positive improvement in steel supply and demand, and most steel mills have stopped falling and gone up.