Shougang Concord Century Planned to Expand the Capacity of 100,000 Tons of Steel Cord

On March 24, Shougang Concord Century Group published 2019 annual report, which revealed that it would accelerate the construction of brass wire project of Teng-hou Eastern Steel Cord Co., Ltd. and realize the capacity of 100000 tons of steel cord during “the 14th Five-year” as soon as possible.

In 2019, the realized operating revenue of Shougang Concord Century was 2.14138 Billion Yuan (HKD, the same below), with a slight increase (year-on-year, the same below) of 0.9%. Four main highlights are mainly manifested: firstly, the profitability was greatly improved, the net deficit situation in last year was reversed and the realized net profit was 108 Million Yuan, which mainly benefited from the increase in sale of steel cord (including export volume) and reduction in production cost. Secondly, the sale of steel cord reached 194000 tons, with an increase of 4.9%. Thirdly, the export performance was good, the export of steel cord reached 40134 tons, with an increase of 13.3%; it accounted for 20.7% of total sales, with an increase of 1.5 percentage points, and the brand was gradually approved by international tire manufacturers. Fourthly, in the aspect of combination of sale varieties, the sale of steel cord for truck tire accounted for 67.0% of total sales, which was equivalent to that in the same period of last year; the sale of steel cord for OTR Tires was 6506 tons, with an increase of 50.2%.