Taiwan’s largest steelmaker posted a 98% jump in profit for the first nine months of 2024, even as revenue slightly declined amid lower steel sales volumes.
China Steel Corp.’s pretax profit rose to NT$3.64 billion ($113 million) through September, up from NT$1.84 billion a year earlier. Revenue edged down 0.4% to NT$273.9 billion ($8.5 billion), while operating profit fell 7% to NT$850 million.
The company attributed the profit surge to higher dividend income from mining investments, which helped offset weaker performance in its core steel business. Carbon steel sales volume dropped to 5.83 million tons in the period.
Looking ahead, the steelmaker expects price support in the fourth quarter, traditionally a peak season. The company cited China’s monetary easing policies, including reserve ratio cuts and preferential loans, as factors driving up raw material prices.
Taiwan’s export orders hit $53.79 billion in September, marking seven straight months of growth. Strong domestic automotive steel demand also provides a bright spot for the company.
