Events Reports Directory Forum Articles Jobs in Steel Resume Post Links Currency Archive Metal Rate Archive Glossary Import Duty Structure Incoterms 2000 Technical Info Trade Leads Currency Codes Contact Us Disclaimer Feedback Privacy Policy Site Map
Home News Today Archives Search About FAQ November 02, 2008
Peru iron ore miner Shougang Q3 sales soar 65% YoY Platts reported that Chinese-owned Shougang Hierro Peru's sales revenue soared 65.5% YoY in the third quarter to 427.9 million soles on higher iron ore products prices.
According to the report, for the nine month period to September 30th Shougang's sales revenue rose 37% to 1 billion soles. The company sold 5,927,000 tonnes of iron ore products during the period, up just 3.18% YoY indicating that the revenue hike was due almost entirely to higher products prices. However, the company could not escape rising costs, which increased 29% in the nine months over the same period a year earlier.
The higher sales revenue partly offset by rising costs, helped Shougang almost double its Q3 net income to 127.8 million soles from 67.3 million soles in the same quarter a year earlier.
ARH Price at posting:
41.0¢ Sentiment: Hold Disclosure: Held
