Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that in the first half of the current year its net profit is expected to amount to RMB 3.6-4.0 billion ($0.53-0.6 billion), down 28-35 percent year on year.
In the given period, the international environment was more severe and complex, while the Covid-19 situation remained serious, both of which negatively affected the steel market. Especially since the second quarter this year, the negative impact of the Covid-19 pandemic resulted in the declining steel prices, which dragged down the company’s operating performance, Hunan Valin Steel said.