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Energy: Baosteel likely to book loss in Q4

(Agencies)
Updated: 2008-10-30 15:56

Baoshan Iron & Steel Co Ltd, the country's second largest steel producer, may book a net loss in the fourth quarter, Chen Ying, the company's vice general manager and chief finance officer, said.

The worsening global financial situation and falling market demand represent tough challenges in the fourth quarter and the first quarter of 2009, Chen said.

Baosteel booked a net profit of 2.846 billion yuan ($417 million) in the third quarter, up 19.15 percent year-on-year, with operating revenue climbing 12.4 percent to 56.36 billion yuan.

Chen said that the company currently has no plans to shut down any production, but it is considering reducing output.

In addition, she said output targets in the fourth quarter will be more closely aligned with sales conditions.

Earlier this month, reports that the company has decided to cut output by around 20 percent in order to support product prices.

The company noted in its financial results that it has booked an inventory impairment reserve of about 970 million yuan for stainless steel, one of the company's major businesses.

In addition, it plans to book an inventory impairment reserve for its carbon steel, with this business expected to book a net loss in the fourth quarter.

Chen added that the company is looking at opportunities to acquire domestic rivals experiencing distress in the current market.