Jiangsu Province-based Chinese steel producer Jiangsu Shagang Co., Ltd (Jiangsu Shagang), a subsidiary of Chinese steelmaker Shagang Group, has announced that it expects to record a net profit in the range of RMB 50-75 million ($7.49-11.23 million) for the first half of the current year. The company stated that the rising trend of finished steel prices, especially in the second quarter, and improvements in the company’s management contributed to its increased profitability in the given period.
On April 22 this year, Jiangsu Shagang had announced that it expected to record a net profit in the range of RMB 15-25 million ($2.25-3.74 million) for the first half of this year.