Fujian Sangang posts strong increase in net profit in H1

Tuesday, 27 July 2010 14:36:59 (GMT+2)

During the first six months of the current year, Chinese steelmaker Fujian Sangang Group produced 2.86 million mt of crude steel, 2.32 million mt of pig iron and 2.76 million mt of finished steel, while it posted a net profit of RMB 285 million ($42 million), up strongly by RMB 795 million ($117 million) year on year.

Although in the first half of 2010 Fujian Sangang Group faced great pressure from the increased prices of raw materials and the strong competition in the local construction steel market, it still managed to achieve good results.

During the period in question, Fujian Sangang Group focused on adjusting its product structure and also developed some new products such as 22SiMn2 steel sheet for engineering structures. Furthermore, its sales volume of shipbuilding plate and alloy plate registered an increase of 28 percent year on year.

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