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 90-150 million ($13.43-22.39 million) for the January-September period of the current year. The company stated that it was able to buy raw materials at low prices amid the rising trend of finished steel prices, while it also optimized its product structure and improved company management, all contributing to its profitability in the given period.
On July 30 this year, Jiangsu Shagang had announced that it foresaw a net profit in the range of RMB 70-100 million ($10.45-14.93 million) for the January-September period of the current year.