China-based stainless steel Daming producer sold 852,485mt of stainless steel in H1 (Jan-June), down by 5pc from H1 2019. Processing capacity dipped by 1.2pc to 1.25mn mt from the year prior.
Carbon steel sales volume rose by 0.3pc in H1 to 1.27mn mt and the processing capacity increased by 0.8pc in H1 to 1.47mn mt. Sales growth was the highest at the company’s Shandong unit followed by Taiyuan unit. Wuhan unit’s sales dropped by 19pc in H1 from the previous year. Processing capacity increased at Taiyuan centre and was at 209,279mt followed by Shandong with 68,306mt.
Jiangsu Daming stainless steel flat steel announced that it catered to the construction of Beijing’s high-end buildings. It was reported that the batch of products for these bulildings was made of 304 stainless steel with a thickness of 10mm, and finally processed into products with a width of 100mm with varied lengths.
The company’s income in H1 stood at CNY15.63bn ($2.25bn) down by 7pc from the prior year. Operating profit rose by 3pc in H1 to CNY291mn and gross profit stood at CNY600mn up by 3pc from a year ago. Net profit rose by 8pc to CNY140mn in H1.
($1=CNY6.94)