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.