Fangda Special Steel’s net profit up 103.7 percent in Q1

Fangda Special Steel’s net profit up 103.7 percent in Q1

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Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel), the listed subsidiary of China Fangda Group, has announced that in the first quarter of the current year it registered an operating revenue of RMB 4.0416 billion ($0.62 billion), up 26.95 percent year on year, and a net profit attributable to the shareholders of the listed company of RMB 552.8 million ($84.7 million), up 103.7 percent year on year.

In the first quarter this year, Fangda Special Steel produced 880,500 mt of steel (including auto plate spring, rebar, flat spring steel and wire rod, etc.), down 13.57 percent year on year, while it sold 880,700 mt of steel, up 0.25 percent year on year.

Fangda Special Steel produced 4.2168 million mt of steel overall in 2020.

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