Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co. (Sangang Minguang) has issued its financial report for the first three months this year, stating that its operating revenue amounted to RMB 12.841 billion ($1.9 billion), down 11.58 percent year on year, while its net profit came to RMB 532 million ($78.2 million), down 42.39 percent year on year.
As for the second quarter, the company forecasts that its production output will be higher than in the first quarter. Meanwhile, it said that the performance of the steel industry will be better than that in the first quarter this year.