Jiangsu Province-based Shagang Group, China’s largest private steelmaker, has announced that it expects to register a net profit of RMB 786-856 million ($121.9-132.7 million) for the first nine months of the current year, up 81.48-97.64 percent year on year.
Shagang said the good performance of the steel industry in the given period as well as its technology upgrading and product structure adjustment contributed to the big rise in its net profit.
$1 = RMB 6.4447