28
Mar
05:25
Chonggang cuts earnings forecast
China’s Chongqing Iron and Steel (Chonggang) has corrected its 2015 earnings announcement. It corrected the net loss attributable to shareholders to CNY 5.98 billion ($978 million), down from a profit of CNY 51.4m in 2014. This may push Chonggang to search for more profitable products in other sectors, Kallanish notes.
The company has written down the value of inventory because market price fell rapidly last year. Although the company has incurre…
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Anonymous
Very good overview of the weekly steel market.
Anonymous