Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd has announced that its net profit is expected to amount to RMB 300.0-400.0 million ($44.7-59.6 million) in the first quarter of the year, down 72.62 percent to 79.46 percent year on year.
The company stated that in the given period, finished steel prices have seen sharp decreases due to continuous rises in import iron ore prices, resulting in decline of company’s net profit.