Iron and Steel

Net Profit Growth of 182 Percent for HOSCO in Q1

Net Profit Growth of 182 Percent for HOSCO in Q1
Mining News Pro - Hormozgan Steel Company had 182 percent of net profit growth in Q1 compared to the same period last year.

Hormozgan Steel Company (HOSCO) gained net profit of 30 million USD in the first four month of this year.

Seyed Hosein Masoumi, Financial Deputy of HOSCO said: “Considering sales and production conditions, it is expected that this growth trend will continue in the following months like Q1. Currently, there are no obstacles for production and sales until something happens in politics or economy.”

He mentioned HOSCO’s good performance in controlling final costs.

“Hormozgan Steel Company has been successful in reducing final cost due to its two-year cost control plan. Also Graphite Electrode price decreased recently and it causes the reduction of steel final cost.”

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