04
Feb
09:10
Jiugang Hongxing predicts 2020 profit slump
GanSu Jiu Steel Group Hong Xing Iron & Steel Co. (Jiugang Hongxing) predicts it earned CNY 506 million ($78.3m) in profit in 2020, down -59.12% year-on-year, Kallanish notes. Last month, its parent company, Jiugang Group, reported it expected a 234.4% y-o-y increase in its profit in 2020.
The company blames the results on squeezed product profitability caused by low steel prices and high raw materials costs in 2020, and the effects of Covid-19. Jiugang Hongxin…
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Anonymous
Very good overview of the weekly steel market.
Anonymous