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Taigang Stainless Steel Expects Net Profits to Soar in First-Half Year

iconJul 18, 2016 09:55
Source:SMM
Shanxi Taigang Stainless Steel is expected to register a decent earning report during the first half of 2016, according to its statement.

SHANGHAI, Jul. 18 (SMM) - Shanxi Taigang Stainless Steel is expected to register a decent earning report during the first half of 2016, according to its statement. 

During the report period, net profits attributable to its shareholders are expected to reach 208.6- 301.7 million yuan, up significantly from 63.92 million yuan, the company estimates.  

The company attributes the surge in net profits mainly to product structure upgrading, quality enhancement, costs reduction, and efficient improvement. Moreover, rising steel prices in Q2 also helped improve its profitability. 

During 1H 2016, the company is expected to produce 2.10 million tonnes of stainless steel, accounting for around 20 per cent of nation’s total, SMM learns.  

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