Liaoning Province-based Chinese steel producer Lingyuan Iron & Steel Co., Ltd (Lingyuan Steel) has stated that it expects its net profit for the January-March period of the current year will show a decrease of RMB 186 million mt ($27.7 million) or 73 percent year on year.
In the given period, the steelmaker’s finished steel output and sales indicated year-on-year rises of 14.2 percent and 28.7 percent, respectively. However, the finished steel sales prices have declined on year-on-year basis, resulting in the decrease in its net profit for the period in question.