Shanxi Province-based Chinese steelmaker Shanxi Taigang Stainless Steel Co. has said that it expects its net profit for 2010 to be in the range of RMB 1.35-1.54 billion ($0.21-0.23 billion), up 50-70 percent year on year, with earnings per share of RMB 0.239-0.27 ($0.036-0.04) . In 2009, Shanxi Taigang Stainless Steel's net profit was RMB 906 million ($137.69 million).
Shanxi Taigang Stainless Steel stated that, influenced by the financial crisis, the finished steel market was in a depression in 2009. In 2010, however, the situation in the steel market improved. Shanxi Taigang Stainless Steel added that, by optimizing its product mix and developing its potential, it succeeded in increasing its profits in 2010.
Shanxi Taigang Stainless Steel expects 50-70 percent rise in net profit for 2010
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