Valin Iron and Steel expects profits to fall about 30% in the first half from a year earlier due to rising iron ore prices

Hunan Valin Iron and Steel Co., Ltd. is expected to make a net profit of 2.21 billion yuan to 2.31 billion yuan in the first half of the year, compared with 3.43859 billion yuan in the same period last year, down 32. 82 percent to 35. 73 percent, according to the 2019 semi-annual results of Hunan Valin Iron and Steel Co., Ltd.

With regard to the reasons for the performance changes, the Company states that:

In the first half of 2019, the company adhered to the strategy of "improving and strengthening, taking the lead in the region", continuously promoted the three strategic support systems of lean production, the integration of marketing, research and production, and the construction of marketing service system, and strengthened the adjustment of product structure and the work of reducing cost and increasing efficiency. The advantage of variety structure is further reflected, and the profit per ton steel is 35536 yuan. However, due to the rise in the price of raw materials such as iron ore, resulting in greater pressure on production costs, the company's performance in the first half of the year fell compared with the same period last year.

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