Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has issued its financial report for 2019, announcing an operating revenue of RMB 45.51 billion ($6.4 billion), up 25.55 percent year on year, while posting a net profit of RMB 3.673 billion ($0.52 billion), down 43.55 percent year on year.
Rebar was the main source of the company’s business income in the given year, contributing operating revenue amounting to RMB 18.89 billion ($2.7 billion), accounting for 43.3 percent of the company’s overall operating revenue in 2019.
In 2019, the company produced 10.3705 million mt of crude steel, 8.7582 million mt of pig iron and 10.4285 million mt of finished steel.
$1 = RMB 7.0714