2024-11-11
The imbalance between supply and demand has not yet eased, and the industry still needs to remove production capacity, control costs and increase added value.
The steel industry continued to be under pressure in the third quarter. Zhang Peng, chairman of Linggang Co., Ltd., told a reporter from the Caixin News Agency at the third-quarter performance presentation meeting held today, "The imbalance between supply and demand in the industry has not been alleviated. In the future, the steel industry still needs to reduce production capacity, control costs, and increase products. Value-added, etc. to achieve sustainable development."
In the third quarter of this year, Linggang lost 0.841 billion yuan, the highest single-quarter loss since the company went public. Zhang Peng said that the company's losses in the third quarter were mainly duesteel pricereduction, as well as the Company's loss on disposal of fixed assets and provision for impairment of assets. The company's iron, steel, and material production in the first three quarters were 3.6977 million tons, 3.9999 million tons, and 3.9179 million tons, respectively, down 6.63 percent, 2.81 percent, and 4.64 percent year-on-year.
The financial report shows that the company's gains and losses on the disposal of illiquid assets in the third quarter, including the write-off of the provision for impairment of assets, were 0.281 billion yuan. In addition to asset impairment factors, the company's financial, management, and sales expenses also increased, of which financial expenses were 31.068 million yuan, an increase of 29.1034 million yuan over the same period last year. As the industry increases bank loans due to continued "blood loss", the increase in financial costs may become a problem for some loss-making steel companies.
However, due to the strong shareholder and asset-heavy background of the steel industry, most companies in the industry do not currently have liquidity problems. Li Jingdong, director, deputy general manager and chief accountant of the company, introduced at the performance presentation meeting that in the first three quarters, as of the end of September, the company had a monetary capital of 1.832 billion billion yuan and established a long-term, stable and good bank-enterprise cooperative relationship with a number of financial institutions. a total of nearly 20 financial institutions have obtained credit of more than 8.9 billion yuan, with high capital guarantee capacity.
Duesteel priceThe company said at the beginning of the year that it would carry out hedging business. Wang Baojie, the company's secretary of the board of directors, said that the business was being implemented as planned, which would help the company to reduce costs or ensure product prices. However, judging from the company's performance, the company's hedging business has not yet clearly demonstrated its role.
For investors concerned about the progress of the change of the actual controller of Linggang shares. Zhang Peng said that in October, the State-owned Assets Supervision and Administration Commission of Chaoyang City signed an agreement with Angang Group, and the State-owned Assets Supervision and Administration Commission of Chaoyang City will transfer its 7% stake in Linggang Group to Angang Group free of charge. After the transfer is completed, Angang Group will hold 56% of the shares of Linggang Group and will become the indirect controlling shareholder and actual controller of the company.
The company expects that the actual controller will be changed from Chaoyang SASAC to Anshan Iron and Steel Group, a central enterprise. The governance system of Linggang shares will be optimized, and the information system will be upgraded to achieve coordination in the fields of procurement, sales, logistics, scientific research, and international trade, and through resource sharing, Improve efficiency and enhance the competitiveness of the main business.
Experts say the city-November 18
2024-11-18
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