Chongqing Iron & Steel Co., Ltd. (01053) announced interim results. Net loss of 689 million yuan increased 58.53% year over year

According to the Zhitong Finance App, Chongqing Iron & Steel Co., Ltd. (01053) announced interim results for the six months ended June 30, 2024. The group achieved operating income of RMB 15.086 billion (same unit), a year-on-year decrease of 28.14%; net loss attributable to shareholders of listed companies was 689 million yuan, an increase of 58.53% over the previous year; and a basic loss of 0.08 yuan per share.

In the first half of 2024, the Group achieved total profit of 813 million yuan, a year-on-year decrease of 298 million yuan. The main reasons were: the sales price of commercial billets was 3,546 yuan/ton, a year-on-year reduction of 190 yuan/ton, and a profit reduction of 1,001 million yuan; sales volume and structural profit of 3.986 million tons; the price of raw materials such as coal, alloy, scrap fell, increased profits of 175 million yuan; the company continued to push forward cost reduction plans, focusing on “reducing the cost and efficiency of 200 yuan per ton of steel” Work has reduced process costs by 228 million yuan; insisting that all costs can be reduced, expenses during the period are reduced, and profits increased by 31 million yuan.

In the second half of 2024, the company will adhere to the “four modernizations” development direction and the “four have” operating principle, make every effort to manage operating cash flow and create value, actively respond to long-term downside risks in the steel industry, vigorously promote potential cost reduction, and explore the best production and operation system. Continuously reduce procurement costs, promote extreme energy efficiency and green development; pursue extreme efficiency, deepen scientific and technological innovation, enhance the core competitiveness of products; optimize the variety structure, promote integrated production, marketing and research, and increase market share and profitability.