This year's semi-annual report shows that the net profit of steel companies is sharply narrowing, and the degree of loss is deepening, and it is spreading. On the evening of August 31, Anyang Iron and Steel, Valin Steel and Shougang Co., Ltd. released the first half of 2012 performance report. The three steel companies all experienced net losses in the first half of the year, with a total loss of 3.103 billion yuan. Among them, Anyang Iron and Steel's net profit attributable to shareholders of listed companies was -1.449 billion yuan, down 2126.30%; Hualing Iron & Steel net profit was -1.305 billion yuan, down 497.28% year-on-year; Shougang's net profit was -3.49 billion yuan, year-on-year. It fell 214.28%. All three steel companies attributed the loss to overcapacity in steel products and sluggish market demand. In fact, as the international and domestic economies are operating at low levels, steel demand growth is slowing, the steel market is in a situation of oversupply, market competition is becoming more intense, and steel prices are under greater pressure. In the previously published semi-annual report, Angang's net profit was -1.976 billion yuan, which turned from profit to loss, operating income of 39.378 billion yuan, down 15.01% year-on-year; earnings per share -0.273. Although WISCO shares recorded a net profit of 135 million yuan, it fell by 88.99% year-on-year; operating income was 45.308 billion yuan, down 10.85% year-on-year; earnings per share was 0.013 yuan. Among all the iron and steel enterprises that have published semi-annual reports, the performance of Baosteel Co., Ltd. is the most outstanding. In the first half of this year, Baosteel achieved a total operating income of 98.101 billion yuan, down 11.74% year-on-year; operating profit was 2.718 billion yuan, down 59.79% year-on-year; The total profit was 12.334 billion yuan, up 81.73% year-on-year; the net profit attributable to shareholders of listed companies was 9.610 billion yuan, up 89.19% year-on-year; the basic earnings per share was 0.55 yuan. In China, the largest user of steel is the construction industry, but the growth rate of real estate and “Tiegongji†construction has dropped sharply. The manufacturing industry, as the second largest demander, has its growth rate dropped from the previous two digits to One digit. This has increased the operating pressure of domestic steel companies. In terms of steel prices, the market's leading indicator rebar futures contract 1301 closed at 3,437 yuan / ton on August 30, a record low in two years. In the first half of the year, Valin Steel produced a total of 7.09 million tons of iron, 7.29 million tons of steel, and 6.95 million tons of steel. The sales revenue was 32.3 billion yuan, but the total profit was 1.384 billion yuan. At the same time, high costs also dump steel companies' income. Taking Anyang Steel as an example, the semi-annual report showed that its operating cost (12.681 billion yuan) exceeded operating income (11.221 billion yuan) and the gross profit margin was -13.01%. In the first 7 months, the profit per ton of steel was only 1.68 yuan. In addition, steel companies have been operating more difficult since July. The domestic economic operation data in July showed that the current economy is still in a moderate and steady trend. The growth rate of the steel industry continues to decline. The lack of relaxation in real estate regulation continues to drag down fixed asset investment. Large-scale infrastructure investment such as railways and highways has not seen any significant improvement. However, steel production is still at a high level, steel enterprises have high inventory pressures, and steel exports have declined significantly. Steel mills may significantly reduce steel prices. The operating conditions of steel companies in the second half of the year are still not optimistic. Therefore, Shougang said in the first three quarters of this year's performance forecast that the company's net profit in the third quarter was between -70.57 million yuan and 29.43 million yuan; the first three quarters accumulated losses of 320 million yuan to 420 million yuan.
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