Hunan Province-based Chinese steelmaker Valin Steel Co., Ltd. has announced that its net profit is expected to amount to RMB 200-300 million ($29.4-44.1 million) in the January-June period this year, down 82.84-88.56 percent year on year.
The company stated that the steel industry continued to undergo deep adjustment in the January-June period. The structural supply-demand imbalances remained pronounced, raw material prices stayed elevated with persistent volatility, while steel prices fluctuated within a range of narrowing volatility, squeezing the profit margins of the steel industry. Valin Steel’s net profit was also affected by the adjustments in the steel industry and indicated a year-on-year decline in the first six months this year.
