Stainless steel price rising promote TISCO's profit up

Published: 21 Oct 2009 21:54:17 PST

October 21 MetalBiz--Due to the rising of stainless steel price, the net profit of TISCO increased 64%-76% in Q3 year on year to 681mln-731mln yuan (U.S. $100mln-107mln).

According to statement issued by TISCO last weak, TISCO predicted that the net profit was between 0 to 50mln yuan till September this year, which indicated a drop of 98%-100% compared with 2.57bln yuan in the first nine months last year.

Thanks to the rising of stainless steel price and demand, so TISCO announced the relatively high profit. In early days, TISCO improved the offer for the products in early June-August. However, as the early report, owing to the price fall on China's stainless steel spot market, TISCO began to decrease offer in late August and reduced the production for September.

TISCO aims at producing 2.4mln tons of stainless steel this year, up about 22% from last year.