Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced in its quarterly report that it has recorded an operating revenue of RMB 2.718 billion ($0.42 billion) for the first quarter of the current year, down 20.09 percent year on year, with a net profit of RMB 43.188 million ($6.64 million) compared to the net loss of RMB 175.6 million recorded in the same period of 2015.
In addition, Sangang Minguang stated that it expects to record a net profit in the range of RMB 237-371 million ($36.46-57.08 million) for the first half of the current year against the background of the rising trend of finished steel prices in the domestic market.