Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., an affiliate of Guangdong-based Shaoguan Iron and Steel Co. (Shaogang), has announced that for the first half of the current year it expects to register a net profit of RMB 970.0 million ($141.2 million), down 44.78 percent year on year.
SGIS stated that during the given period import iron ore prices indicated sharp rises, while finished steel prices declined on year-on-year basis, resulting in the decrease in its net profit.