As Shandong Province-based Chinese steelmaker Jigang Group has announced, the company kept its steelmaking cost per metric ton of steel produced at round RMB 3,200/mt ($503/mt) in the third quarter of this year against the background of increasing iron ore and coal prices, while the cost of producing one metric ton of crude steel at its 1,750 cubic meter blast furnace was RMB 3,150/mt ($495/mt) for the period in question.
The steel output of Jigang Group in January-August this year reached 10 million mt. In the given period, the company achieved a net profit of RMB 165 million ($25.94 million), up RMB 63.78 million ($10.03 million) year on year.