18
Jul
08:47
Baotou, Chongqing Steel forecast plummeting half-year profit
China-listed Inner Mongolia Baotou Steel Union (Baogang) and Chongqing Iron & Steel have reported a huge plummet in their forecast net profits for the first half of the year, Kallanish notes.
Baogang predicted that its net profit was CNY 267-400 million ($40-59m) in H1, down 86%-90% year-on-year. The firm attributed this to margins being squeezed by lower steel prices and higher raw materials and fuel prices.
Chongqing Steel, meanwhile, reported a 81% y-o-y d…
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Anonymous
Very good overview of the weekly steel market.
Anonymous