Lingyuan Steel expects 73 percent drop in its net profit for Q1

Wednesday, 10 April 2019 11:18:07 (GMT+3)   |   Shanghai

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.

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