Hunan Province-based Chinese steelmaker Valin Iron and Steel has announced that it expects to register a net profit of RMB 2.93-3.13 billion ($0.42-0.45 billion) for the first half this year, up 30.97-39.91 percent year on year, though down 10.79-16.49 percent year on year compared to the financial data after its restructuring in 2019.
In the first quarter this year, Chinese steelmakers’ profitability declined significantly year on year, while demand for steel in China improved gradually in the second quarter following the effective control of Covid-19. In the second quarter, Valin Steel’s net profit increased by 58-76 percent year on year.
$1 = RMB 6.9996