China Steel Corporation posted a lackluster performance for 2024, with standalone net income reaching just NT$2 billion ($66.7 million) and earnings per share of NT$0.13 ($0.004). The Taiwanese steelmaker approved modest dividend payments of NT$0.33 ($0.011) per common share at its annual meeting this week.
While the company touted its rise to ninth place in World Steel Dynamics’ global competitiveness ranking, the achievement comes as Taiwan’s largest integrated steelmaker grapples with escalating trade tensions. US steel tariffs have doubled to 50 percent, though China Steel maintains the direct impact remains limited since American exports represent only 0.4 percent of Taiwan’s total steel shipments.
The company’s consolidated pretax profit of NT$4.6 billion ($153.3 million) reflects ongoing pressure from Chinese steel dumping and geopolitical uncertainties. Chairman Huang Jian-zhi, reelected for another term, cited the company’s EBITDA margin ranking second among Asian steelmakers after Japan’s Nippon Steel.
China Steel’s strategic focus on high-value refined products generated 11.1 percent of sales volumes but captured 75.2 percent of gross margins, according to company statements. However, the steelmaker faces mounting challenges from Chinese overcapacity and currency headwinds as competitors implement anti-dumping measures across multiple markets.
