News Room - Steel Industry

Posted on 20 Feb 2009

Taiwan`s China Steel likely to post loss in q1 2009

The China Steel Corp., Taiwan's largest steel maker, confirmed Wednesday that it is likely to post an operating loss in the first quarter of the year, mainly because of retroactive discounts to customers.

 

Chung Lo-min, executive vice president of China Steel, said that as a result of retroactive discounts totaling NT$4 billion (US$115.2 million) in the first quarter, China Steel was likely to register a decline in revenues for the January to March period.

 

If Chung's forecast is accurate, it will be the second quarterly loss in a row for the steel maker, which is 23 per cent owned by the government.