Shagang reports 12% on-year decline in H1 net profits

Jiangsu Shagang Co., the Shenzhen-listed arm of China's largest privately-owned steelmaker Shagang Group, reported net profits of Yuan 137.1 million ($20.4 million) for the first half of 2026, down 11.9% compared with the same period last year, according to the company's latest semi-annual report published on August 22.

In the first six months, Shagang's business revenue added up to Yuan 6.7 billion, marking a slight 1.9% on-year dip, according to the report. The overall gross margin of the company also narrowed by 0.37 percentage point on year to 8.47% in H1, Mysteel Global noted. The company's recurring net