Metal Products News
- Taigang expects profit to surge
Date: 19-Apr-2007 Sources: (Shenzhen Daily)
SHANXI Taigang Stainless Steel Corp., China's largest stainless steel producer, said yesterday its first quarter net profit could rise 750-800 percent due to increased production, higher prices and a recent acquisition.
Taigang, the Shenzhen-listed unit of Taiyuan Iron and Steel Group Co., said its output was boosted by the completion of a 1.5-million ton stainless steel project in the second half of last year as well as an acquisition of steelmaking assets from its parent in June. Higher steel prices in the first quarter also contributed to its profit rally, said Taigang, which booked a net profit of 143 million yuan (US$18.49 million) in the first quarter of 2006.
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