Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has announced that it expects to register a net profit of RMB 420-588 million ($59.4-83.1 million) for 2019, down 50.04-64.32 percent year on year.
The company stated the overall decrease in its product prices, the rises seen in raw material prices, especially in the price of iron ore, and the decline in its production due to technical upgrading and equipment maintenance will contribute to the fall in its net profit for the year 2019.