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UTC+8 ( BJT)

Shougang Q1 profit to quadruple on restriction exemption


Shougang Group, a tier-one steel mill in China, expects its Shenzhen-listed arm to achieve a 405-457% on-year surge in the net profit in the first quarter, mainly as its two steel plants in Tangshan, North China’s Hebei, have both been exempt from the ongoing restrictions with their “exceptional efforts in pollution control”, a Beijing-based source close to the steel mill shared last Friday.
Shougang’s Shenzhen-listed Beijing Shougang Co (Shougang) shared the rather exciting news on April 7, estimating its net profit to range Yuan 1-1.1 billion ($152.7-168 million) in Q1, mainly as the two core steelmaking plants - Shougang Qian’an Iron & Steel Co (Qian’an) and Shougang Jingtang United Iron & Steel Co


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