In the first quarter of this year, steel prices rose strongly, and the performance of listed steel companies also increased.
On the evening of April 8, Sinosteel International announced the first quarterly report for 2021, which is also the first quarterly report disclosed this year by a listed company in the steel industry. The quarterly report shows that during the reporting period, Sinosteel International achieved operating income of 2.772 billion yuan, a year-on-year increase of 35.85%; net profit attributable to shareholders of listed companies was 123 million yuan, a year-on-year increase of 1290.85%.
Regarding the reason for the rapid growth in operating income, Sinosteel International stated that the prosperity of the steel industry has improved and the number of projects in hand is increasing. Regarding the reason for the substantial increase in net profit, Sinosteel International stated that the steel industry\'s prosperity in the first quarter improved, and the company\'s domestic and foreign engineering projects were executed smoothly, which was a significant improvement over the same period of the previous year under the influence of the epidemic.
Shagang said that the company’s net profit attributable to shareholders of listed companies during the reporting period grew faster than the same period last year, mainly due to the increase in the sales price of steel during the reporting period and the year-on-year increase in sales. The company’s operating income and product sales gross profit were better than expected, resulting in substantial year-on-year growth in the first quarter of 2021.
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