Taiwanese steelmaker CSC’s operating revenues in January rose by 28pc from a year ago to TWD30.818bn ($1.10bn) amid increased domestic sales. Compared to December, operating revenues grew by a percent, according to the company’s preliminary results for the month of January.
CSC’s consolidated income before tax rose to TWD3.61bn compared to a loss of TWD1.26bn in January 2020 and improved by 42pc from December on improved steel prices.
Carbon steel sales volume in January grew to 874,804mt, up by 8pc from a year ago with the share of sales in the domestic market improving to 71pc from 62pc in December. In January 2020, domestic sales were 68pc.
Post Lunar New Year Holidays, steel demand is expected to increase on robust economic recovery. Amid rising raw material costs, CSC hiked steel prices for March shipment by TWD450-2.000/mt on Feb 1.
($1= TWD27.90)