China Steel's 2Q Results Largely in Line, Better Second Half Expected; FVE Unchanged
China Steel Corporation’s, or CSC’s, first-half 2017 EBIT increased by 26% year over year to TWD 11.64 billion due to higher steel prices and strong revenue growth (13% year over year) from the nonsteel division. It was largely in line with our expectations. However, we were disappointed by the lower steel shipments, which declined by 6.7% year over year due to weaker end-market demand. The higher raw material cost during the first half of the year also affected its profitability. Accordingly, w...China Steel is engaged in the manufacture and sale of steel products and machinery, transportation and electrical machine engineering contracting. Through its subsidiaries, Co. is engaged in the provision of transportation services; the manufacture and sale of aluminum products and other non-ferrous metal products; common and equity investment; the development and rental of non-current assets; the provision of guard and system security services; the design of software system; the manufacture, purchase and sale of magnetic powder; the provision of enterprise management advisory services; the design for environmental mechanical and electrical engineering; and waste management.
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