23
Oct
11:27
Shagang takes losses despite cost-cutting drive
Eastern China’s Shagang has recorded significant losses in the third quarter as China’s high steel output and weak markets have pushed prices ever lower. The company expects to approve a significant asset restructuring by the end of the year, Kallanish notes.
Shagang has slipped from profits in 2014 to losses for much of 2015. In Q3 net losses hit CNY 9.95 million ($1.57m), while over January-September, losses totalled CNY 72.87m. Over the first nine…
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Anonymous
Very good overview of the weekly steel market.
Anonymous