Zhejiang Province-based Chinese steelmaker Yongjin Technology Group Co., Ltd. (Yongjin) has announced that its net profit for 2024 is expected to increase by 50.43-60.94 percent year on year to RMB 930-995 million ($130-139 million).
In 2024, Guangdong Yongjin’s 350,000 mt wide precision stainless steel sheet and strip transformation project and Zhejiang Yongjin’s 195,000 mt ultra-thin precision stainless steel sheet and strip project started production operations, exerting a positive impact on Yongjin’s performance.
Yongjin has precision cold rolled stainless steel sheets and strips as its core products, which are widely used in home appliances, electronics, medical devices and other fields.
Most Chinese steelmakers recorded significant decreases in net profit in the given year.