Shanxi Province-based Chinese steelmaker Shanxi Taigang Stainless Steel Co. (Taigang Stainless Steel ) has announced an estimated net profit of RMB 38.47-154 million ($6.2-24.8 million) for the first half of the current year, decreasing by 60-90 percent year on year.
Taigang Stainless Steel stated that finished steel prices hit new lows in the first half of the year due to the difficult situation in the steel industry and the ongoing sluggishness of demand for finished steel, resulting in declines in the company’s net profit.