On August 26, Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Co. (WISCO) issued its financial results for the first half of this year, indicating a net profit of RMB 135 million ($21.3 million), down 88.99 percent year on year.
Meanwhile, another Chinese steelmaker Jiangsu Province-based Nanjing Iron and Steel Union Co. (NISCO) has posted a net profit of RMB 74.95 million ($11.8 million) for the first half of this year, down 87.21 percent as compared to the same period last year.
Both steel producers have indicated that in the third quarter and also in the second half of the current year they may face a more competitive market environment. It is thought that the net profits of the two companies may also indicate sharp year-on-year decreases for the first three quarters of the current year amid sluggish steel market conditions.