ZNGF(SZ:000717)2024-05-21 09:29Financial Performance - The company reported a net loss of -309 million CNY in Q1 2024, primarily due to a significant drop in steel prices and a major overhaul of its No. 6 blast furnace, which reduced production and sales volume [2] - In Q1 2024, the company sold 202,000 tons of steel [3] - The expected operating revenue for 2024 is 40.2 billion CNY, an increase of 1.2 billion CNY compared to the previous year [3] Production Metrics - Steel production remained stable at 8.02 million tons, while total material production decreased by 1.3% to 8.44 million tons [3] - Sintered ore production fell by 2.1% to 9.65 million tons, and self-produced coke decreased by 1.34% to 2.78 million tons [3] - Self-generated electricity was 3.193 billion kWh, down by 2.98% year-on-year [3] Cost Management Strategies - The company is focusing on extreme efficiency and cost reduction by controlling expenses, optimizing coal usage, and improving alloy cost structures [2] - Measures include reducing downtime, enhancing operational efficiency, and implementing smart manufacturing practices [2] Market Conditions - The steel industry is facing a significant imbalance in supply and demand, with falling steel prices and high raw material costs, particularly affecting the construction materials sector [2] - The company is actively working to maintain its market position in the Guangdong region by collaborating with local steel mills and enhancing product offerings [2] Future Outlook - The company aims to improve operational performance through strategies such as high-quality production, green development, and increased utilization of solid waste [2] - The management is optimistic about future recovery and profitability despite current challenges in the steel market [2]