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Time of issue:2020-07-20 00:00:00

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Baosteel said the devaluation of the yuan has increased financial costs and reduced exports to the United States in the second half of the year

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Baosteel said the devaluation of the yuan has increased financial costs and reduced exports to the United States in the second half of the year

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Time of issue:2020-07-10 10:16
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(Summary description)Baosteel Corp(600019.SS),China's largest steel producer,said on Tuesday that the depreciation of the exchange rate has caused its financial expenses to rise and the company has increased the lock-in ratio of its foreign currency exposure to current trade frictions with the United States and the devaluation of the renminbi.Company exports are expected to be generally steady in the second half of the year,although exports to the United States will be lower.

Baosteel said the devaluation of the yuan has increased financial costs and reduced exports to the United States in the second half of the year

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Baosteel said the devaluation of the yuan has increased financial costs and reduced exports to the United States in the second half of the year

(Summary description)Baosteel Corp(600019.SS),China's largest steel producer,said on Tuesday that the depreciation of the exchange rate has caused its financial expenses to rise and the company has increased the lock-in ratio of its foreign currency exposure to current trade frictions with the United States and the devaluation of the renminbi.Company exports are expected to be generally steady in the second half of the year,although exports to the United States will be lower.

Categories:Company news
Author:
Origin:
Time of issue:2020-07-10 10:16
Views:0

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Baosteel Corp(600019.SS),China's largest steel producer,said on Tuesday that the depreciation of the exchange rate has caused its financial expenses to rise and the company has increased the lock-in ratio of its foreign currency exposure to current trade frictions with the United States and the devaluation of the renminbi.Company exports are expected to be generally steady in the second half of the year,although exports to the United States will be lower.

In response to questions from investors about the Zhanjiang No.3 blast furnace project,Zou Jixin,general manager of the company,said at an online performance conference,"We are currently pushing ahead with relevant work as planned and the project is expected to be completed and put into operation in 2021."

Wang Juan,Baosteel's board secretary,added that the zhanjiang base's current cash flow can cover its investment in its third blast furnace,which will have no impact on the company's net profit and dividend policy in the second half of this year.

Baosteel announced late Monday that it plans to invest 18.9 billion yuan to build a third blast furnace system at its Zhanjiang base to further expand its production capacity.On the basis of making full use of the reserved facilities for the first and second blast furnace systems of Zhanjiang Iron and Steel,the project will appropriately expand the raw material wharf,coke oven,blast furnace,converter and other equipment to produce low cost and high quality billets.A hot rolling unit and a cold rolling unit with ultra high strength steel production capacity are newly built in this project.

As for the recent exchange rate fluctuations,Ms Wang said there had been a rapid and sharp depreciation of the renminbi since mid-June.The company increased us dollar financing when RMB liquidity was tight in the second half of last year and the first half of this year.In the process of RMB devaluation,the advantage of comprehensive financing cost rate of US dollar financing was no longer,and it was parity with market-oriented RMB financing cost rate,and the company's financial cost increased to some extent.

"At present,the company has all carried on the exchange rate risk lock on the us dollar financing,the overall financing comprehensive cost rate is controlled in the central bank benchmark interest rate below 10%."She said.

Wu Kunzong,baosteel's chief financial officer,also noted that recent exchange rate fluctuations have been significant,and the company has dynamically adjusted its currency risk lock-in strategy to increase the proportion of its foreign currency exposure.

He also pointed out that the company's production and sales scale remained stable in the second half of the year,but in the face of environmental protection input increase,fixed fix concentration,exchange rate change,material purchase price rise and other objective conditions change,in order to maintain a stable manufacturing side of the line and cost cutting sustainability will face a lot of challenges and pressure.

Baosteel on Monday night disclosed a first-half net profit of Rmb10.09bn,up 62.23 per cent from a year earlier.

Baosteel shares closed at 8.25 yuan Tuesday morning,up 0.73%.

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