Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co. (Sangang Minguang) announced on April 14 that its net profit is expected to reach RMB 860-980 million ($132-150 million) for the first quarter of the current year, up 50.69-70.12 percent year on year.
In the given period, demand for steel improved and steel prices increased, while Sangang Minguang’s steel output was higher than in the same period last year, all of which contributed to the year-on-year rise in its net profit.
$1 = RMB 6.5297