90% of Steel Companies Experienced Profit Cut in Q1

Among 26 listed iron and steel smelting companies, 24 experienced a decline in profits or increased losses. Among them, Maanshan Iron and Steel turned from profit to loss year-on-year, with a single-quarter loss exceeding 500 million yuan. Zou Jixin, chairman of Baosteel said that the fall in steel prices had a negative contribution to the company's operating profit in the first quarter.
In the first quarter, only Liuzhou Iron & Steel Co., Ltd. and JISCO Hongxing reported year-on-year profit increases due to special reasons. Among them, the person from JISCO Hongxing said that the company's operating conditions are basically the same as those of its peers, the deduction of non-net profit is similar to last year.