Taiwan steelmaker China Steel Corporation (CSC) has recorded marginal decline in its consolidated steel product sales in the first half of 2020 (Jan-June), according to the company’s preliminary results. The steelmaker recorded 5,050,941mt of steel product sales in H1 2020, down by 1.6pc or 79,816mt from the prior year. In H1 2019, the company recorded sales at 5,130,307mt of steel products. The proportion of domestic sales was 68pc.
The steelmaker has attributed this decline to lowered volumes in the Q2 2020 due COVID-19 outbreak and related restrictions bringing end user demand down.
| CSC’s H1 results (Consolidated) | H1 2020 | H1 2019 | YoY Change | % Change |
| Operating Revenues | 15,05,28,288 | 19,11,10,580 | -4,05,82,292 | -21 |
| Operating Income | -34,16,016 | 1,05,61,019 | -1,39,77,035 | -132 |
| Income Before Income Tax | -38,19,448 | 1,05,28,236 | -1,43,47,684 | -136 |
Note: TWD in Thousand
CSC steel’s domestic sales of steel products have showed recovery in June compared to May. Sales in May had dropped to a 63-month low due to COVID-19 related disruption.
In June, CSC steel’s sales volume was at 736,419mt, up 0.8pc from May 2020 or higher by 5,975mt. The share of domestic sales was stable at 68pc in June.
| CSC’s June results (Consolidated) | Jun-2020 | May-2020 | MoM Change | % Change |
| Operating Revenues | 2,39,17,855 | 2,32,57,451 | 6,60,404 | 3 |
| Operating Income | -4,64,160 | -3,67,183 | -96,977 | -26 |
| Income Before Income Tax | -2,24,812 | -5,34,987 | 3,10,175 | 58 |
Note: TWD in Thousand
The preliminary consolidated operating revenues in June 2020 totaled NT$23.91mn ($816,323). The preliminary consolidated operating loss totaled NT$464,160. The preliminary consolidated loss before income tax totaled NT$224,812.
($1=TWD29.29)