Sangang Minguang expects reduced net profit for Q1

Thursday, 28 March 2019 11:12:10 (GMT+3)   |   Shanghai

Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has issued the earnings forecast for the January-March quarter of the current year, stating that it expects to register a net profit of RMB 0.801-1.263 billion ($119.4-188.2 million) for the given period, down 12.01-44.20 percent year on year.

The company stated that it faced lower finished steel sales prices in the first quarter. Meanwhile, import iron ore prices have moved up significantly due to the dam collapse in Brazil, reducing the company’s profitability. At the same time, 15 days of maintenance works at Fujian Quanzhou Minguang Iron and Steel Co., Ltd, the wholly-owned subsidiary of Sangang Minguang, also negatively affected its operating performance in the first quarter of the year.

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