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Valin Group optimistic on prospects for profit in Q2

Thursday, 26 April 2012 15:19:53 (GMT+2)   -  

Tags: China , Far East , ArcelorMittal , fin. Reports , opinion , steelmaking , East Asia and Pacific | similar articles » SteelOrbis News

Hunan Province-based Chinese steelmaker Valin Group foresees that its capital expenditure for the current year will be less than RMB 2 billion ($317 million), while it plans to expand its cooperation with global steel giant ArcelorMittal, as stated by Valin Group CEO Cao Huiquan.

Mr. Cao also said that Valin Group will likely make a profit in the second quarter. However, due to the slowdown of domestic economic growth and weak demand from the downstream market, Valin Group expects to record a net loss of RMB 690-730 million ($109.5-115.9 million) in the first quarter of the current year, amid significantly decreased sales prices and higher prices of raw material.

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