28
Oct
04:52
China’s Liugang, Baogang report huge losses
As steel prices fell and raw materials prices hiked, China’s Liuhou Iron & Steel (Liugang) and Inner Mongolia Baotou Steel Union (Baogang) reported huge losses in both the third quarter and the year through September, Kallanish notes.
In Q3, Liugang achieved an operating income of CNY 17.27 billion ($2.39 billion) with a year-on-year decline of 29.7%. Its losses came to CNY 1.63 billion, compared with profits of CNY 416 million a year ago.
This took the…
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Anonymous
Very good overview of the weekly steel market.
Anonymous