Despite a tough global steel market in 2024 caused by China's oversupply depressing international steel prices, the company’s annual net profit grew, said Ta Chun Lin, Chairman and CEO of Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, at the shareholder meeting.

Ta Chun Lin said Feng Hsin's strategic adjustments were workable last year. Sales of bar and wire rod products, its most profitable segment, rose by 10.7% year on year to 335,400 tons in 2024 due to long-awaited replenishment demand from the downstream screw and nut industry. Rebar sales remained stable at 988,600 tons, benefiting from domestic housing and public infrastructure projects. Section steel sales dropped by 4.3% year on year to 289,000 tons.

Overall finished product sales reached 1.61 million tons last year, a year-on-year increase of 1.09%. While revenue slightly dipped by 1.4% to NT$34.4 billion, operating net profit hiked by 2.3% to NT$2.77 billion, driven by improved bar and wire rod sales and cost control.