Chinese steelmaker Shougang Jingtang United Iron and Steel Co. (Jingtang Steel) has announced that in 2015 it recorded a net profit of RMB 8.3463 million ($1.28 million), failing to achieve the anticipated profit of RMB 297.6774 million ($45.59 million) for the year.
In 2015, Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang Co.) had implemented a major assets reorganization, exchanging 100 percent equity in Guizhou Province-based Guizhou Shougang Investment Co. (Guizhou Investment) for 51 percent equity in Shougang Jingtang United Iron and Steel Co. (Jingtang Steel) held by its parent company Shougang Group, with the price difference to be paid by Shougang Co. in cash.