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25 Apr

Shagang signals major first-quarter profit growth

The listed arm of Jiangsu Shagang Group has reported CNY 3.376 billion ($534.63 million) in revenues and CNY 254.63m in net attributable profits in the first quarter of 2018. These are up by 16.0% and 139% year-on-year respectively, Kallanish notes. Shagang attributes the rapid growth to y-o-y increased steel prices and steelmaking margins, according to its performance report to the Shenzhen Stock exchange. The steelmaker is anticipating that its profits…
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