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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Hbis Company Limited    000709   CNE000000H20

HBIS COMPANY LIMITED

(000709)
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EU sets steel import duties to counter Chinese subsidies

06/09/2017 | 10:53am EST
Chinese employees work near a machine for hot-rolled steel at the Baosteel factory in Shanghai.

BRUSSELS (Reuters) - The European Union has set duties of up to 35.9 percent on imports of hot-rolled flat steel from China to counter what it says are unfair subsidies in a finding challenged by Beijing.

The European Commission (EC), which conducted an investigation on behalf of the 28 EU members, found a number of Chinese companies had benefited from preferential lending from state-owned banks, grants, tax deductions and the right to use industrial land.

"We are continuing to act, when necessary, against unfair trading conditions in the steel sector, and against foreign dumping," EU Trade Commissioner Cecilia Malmstrom said in a statement.

She added that she hoped global discussions on steel overcapacity would eventually convince China to end unfair schemes to ensure a level playing field for all steel producers.

China's Commerce Ministry said it "strongly" questioned the legitimacy of the EU decision, adding the European Commission had ignored the fact China's steel exports to Europe had declined in 2016. It said it would take all necessary measures to protect the interests of Chinese firms.

The EU had already set in place anti-dumping duties, to counter excessively low prices, which it has now adjusted to a range of between zero and 31.3 percent.

"Today's announcement marks a notable shift in the EC's policy stance by taking into account the 'threat of injury'," investment bank Jefferies said in a note.

Jefferies said the case could have positive implications for imports of other types of steel, adding that it expected European steel industry group Eurofer to ask the Commission to launch more anti-subsidy investigations.

The bank noted that while Chinese hot rolled coil imports have fallen 89 percent in the year to March, and cold rolled coil imports, also protected by duties, have declined 46 percent, other product categories like coated sheet have soared.

Hot-rolled flat steel is used in shipbuilding, gas containers, pressure vessels, tube and energy pipelines.

The targeted companies include Benxi Group [LNGOVB.UL], with overall anti-dumping and anti-subsidy duties of 28.1 percent, Hesteel Group (>> Hesteel Co Ltd), with a rate of 18.1 percent, and Jiangsu Shagang (>> JIANGSU SHAGANG CO.,LTD.) at 35.9 percent.

The duties, applicable for five years, will take effect from Saturday, the EU's official journal said.

The EU has taken over 40 anti-dumping decisions to aid European steel producers, with measures on cold-rolled flat steel and stainless steel from China. It also has an ongoing investigation into hot-rolled steel imports from Brazil, Iran, Russia, Serbia and Ukraine.

(Reporting By Philip Blenkinsop; Additional reporting by Josephine Mason in Beijing and Maytaal Angel in London,; Editing by Mark Potter and Adrian Croft)

By Philip Blenkinsop

Stocks treated in this article : Hesteel Co Ltd, JIANGSU SHAGANG CO.,LTD.

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.54% 6.3746 Delayed Quote.40.72%
HBIS COMPANY LIMITED 0.00% 2.26 End-of-day quote.-12.40%
JIANGSU SHAGANG CO. LTD. -9.91% 13.54 End-of-day quote.117.34%
LAND CO., LTD. 0.00% 9 End-of-day quote.-25.00%
MEMBERS CO., LTD. 5.94% 2284 End-of-day quote.0.31%
SHIFT, INC. 3.39% 15270 End-of-day quote.91.35%
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Financials
Sales 2020 112 B 16 997 M 16 997 M
Net income 2020 1 591 M 242 M 242 M
Net Debt 2020 - - -
P/E ratio 2020 15,2x
Yield 2020 4,39%
Capitalization 23 569 M 3 583 M 3 585 M
Capi. / Sales 2020 0,21x
Capi. / Sales 2021 0,20x
Nbr of Employees 34 439
Free-Float 37,1%
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Mean consensus HOLD
Number of Analysts 2
Average target price 2,60 CNY
Last Close Price 2,28 CNY
Spread / Highest target 14,0%
Spread / Average Target 14,0%
Spread / Lowest Target 14,0%
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Managers
NameTitle
Wei Jun Dong Chairman-Supervisory Board
Jian Liu Chairman
Guang Shen Chang CFO, Director & Chief Accountant
Yu Zhu Zhang Independent Director
Jian Zhong Zhang Member-Supervisory Board
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