25
Aug
04:17
Shagang sees on-year profit hike over January-July
Eastern China’s Shagang has seen profits surge over January-July 2016. The earnings are the result of both Shagang’s cost reduction and intra-firm synergies, and the recent rise in steel prices that have returned many Chinese mills to profitability, Kallanish notes.
The steelmaker recorded net profits of CNY 2.5 billion ($375.7 million) over the first seven months of this year, up 59% from the same period of 2015.
Shagang also reported reduced sal…
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Anonymous
Very good overview of the weekly steel market.
Anonymous