24
Apr
08:30
Shagang sees first-quarter net profits tumble
The listed company of the Jiangsu Shagang Group reported on 24 April that its operating income fell by -14% to CNY 2.9 billion ($432 million) year-on-year in the first quarter of 2019. At the same time, its net attributable profit fell by -60.6% to CNY 10.27m, Kallanish notes.
Shagang's listed arm believes that the change in its performance was due to the decline in prices during the reporting period. This alongside a sharp rise…
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Very good overview of the weekly steel market.
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