Taigang Stainless Steel expects rise of 516.6-553.97 in net profit for Jan-Sept

Friday, 15 October 2021 13:50:53 (GMT+3)   |   Shanghai

Shanxi Province-based major Chinese steelmaker Taigang Stainless Steel Co., Ltd., the listed subsidiary of Taiyuan Iron and Steel Group, has issued its financial forecast report for the January-September of the current year, stating that it is expected to register a net profit of RMB 6.6-7.0 billion ($1.02-1.09 billion) for the given period, up 516.6-553.97 percent year on year.

In the third quarter alone, the company expects to post a net profit of RMB 1.865-2.265 billion ($0.29-0.35 billion), up 288.26-371.53 percent year on year.

The company said demand for stainless steel was better in the first three quarters, pushing up prices and resulted in a better operational performance.

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