Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd (Taigang Stainless Steel) has issued its financial report for the January-June period this year, stating that its operating revenue amounted to RMB 45.967 billion ($6.5 billion) in the given period, down 7.54 percent year on year, while it recorded a net profit of RMB 393 million ($55.4 million), up 182.74 percent year on year.
As for the 15th Five-Year Plan period (2026-30), at its investors meeting the company stated that it will not make large-scale investments and target only high-end demand against a backdrop of national stainless steel capacity exceeding 50 million mt and the utilization rate only at around 70 percent, reflecting the overcapacity in the industry.
