Sangang Minguang expects 28.16% drop in net profit for Q3

Tuesday, 12 October 2021 11:52:37 (GMT+3)   |   Shanghai
       

Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co. (Sangang Minguang) has announced that its net profit is expected to reach RMB 574 million ($0.89 million) for the third quarter of the current year, down 28.16 percent year on year.

In the given period, production restrictions exerted a negative impact on Sangang Minguang’s crude steel output, resulting in a lower net profit.

In the January-September period of the current year, the net profit of Sangang Minguang is expected to reach RMB 3.3 billion ($0.51 billion), up 67.32 percent year on year. In the given period, the company upgraded its product structure, resulting in higher steel prices and an improved operating performance.


Most Recent Related Articles

Taigang Stainless Steel expects rise of 516.6-553.97 in net profit for Jan-Sept

China’s HBIS expects 98.23-106.85% rise in net profit for Jan-Sept

Jiangsu Shagang expects 81.48-97.64% rise in net profit for Jan-Sept

Ansteel’s net profit expected to rise by 466.04 percent in Jan-Sept

MOC: Average steel prices in China move up last week