Weng Chaodong, chairman of Sinosteel, presided over the New Year blessing ceremony and delivered a speech.

(Provided by Sinosteel)

[Reporters Lin Jinghua, Hong Chenhong/Comprehensive Report] Sinosteel's consolidated revenue last year was 449.56 billion yuan, a year-on-year decrease of 4.01%, and its self-consolidated consolidated pre-tax profit reached 23.2 billion yuan.

Sinosteel stated that it was mainly due to the decrease in sales volume of the iron and steel business group, coupled with high costs, last year's revenue, operating profit, and net profit before tax were all worse than the previous year.

However, Sinosteel also expects that after the Lunar New Year, the steel market will enter the stage of inventory replenishment, and a U-shaped reversal of steel prices will take shape.

Weng Chaodong, chairman of Sinosteel, presided over the New Year blessing ceremony today (31st). He said that the World Steel Association (worldsteel) estimated that the steel demand this year will reach 1.815 billion tons, an increase of 1% over last year. Global crude steel demand is expected to be revised upwards due to the slowdown in China and the unblocking of China.

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On the supply side, World Steel Dynamics (WSD) also estimates that global crude steel production will be 1.822 billion tons, a decrease of 1.5% from last year. In addition, the prices of metallurgical coal and iron ore raw materials are at a high level, and international index steel mills have successively raised steel prices. Sinosteel has moderately raised its market price in February this year, "the U-shaped recovery of the steel market is taking shape, and it is expected to break out of the bottom."

Weng Chaodong also said that since February last year, the global economy has been affected by the "grey rhinoceros" unfavorable factors such as the Russian-Ukrainian war, inflation, monetary policy tightening, and China's epidemic control. The steel market has entered a difficult state since May last year, facing a sharp freeze in demand And under the general environment where steel prices are not easy to increase, Sinosteel has still achieved business goals such as 55% of sales of high-end products, reduced operating costs by 5.986 billion yuan, and zero occupational accidents in industrial safety, demonstrating the resilience of Sinosteel and paying An incredible record.

Sinosteel’s consolidated pre-tax net profit last year decreased compared with the same period last year. The main reason was that the sales unit price of the iron and steel business group increased compared with the same period last year, but the sales volume decreased, so the revenue decreased slightly, and the increase in unit cost was greater than the increase in sales unit price, resulting in operating profits and taxes. The previous net profit decreased.

Sinosteel's cumulative sales of carbon steel last year were 8,589,562 metric tons. In December last year, its revenue was 30.97 billion yuan, an annual decrease of 24.46%. The annual combined revenue was 449.567 billion yuan, an annual decrease of 4.01%. , An annual decrease of 77%, self-consolidated net profit before tax was 23.25 billion yuan, an annual decrease of 72%.

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