Jiuquan Steel posts strong financial results for Q1

According to its financial report, in the first quarter of this year Gansu Province-based Chinese steel company Jiuquan Steel Group saw a year-on-year increase of 36 percent in its total revenue, reaching RMB 16.9 billion ($2.6 billion). Meanwhile, its gross profit was RMB 500 million ($76.7 million), rising by 346 percent year on year.
 
The data also showed that Jiuquan Steel's outputs of pig iron, crude steel and finished steel in the first three months amounted to 1.65 million mt, 2.27 million mt and 2.32 million mt respectively.