Chinese steel company Valin Steel Co., Ltd. Hunan Province announced that its net profit is expected to be 200-300 million yuan (US$29.4-44.1 million) between January and June this year, down 82.84-88.56 percent year-on-year.
The company said the steel industry continued to undergo deep adjustments between January and June. Structural supply-demand imbalances remained pronounced, with raw material prices remaining elevated with persistent volatility, while steel prices fluctuated in narrowing volatility, squeezing steel industry profit margins. Valin Steel's net income was also impacted by adjustments in the steel industry and was down year-on-year for the first six months of this year.
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