Shandong State owned Assets Supervision & Administration Commission notes that Shandong Steel Group will realize the shift from loss to profit in June, an strategic improvement.
As learned, Shandong Steel Group experienced losses of CNY 1.5 billion in Q1, performing worse than other state owned mills and then made target to fulfill profit-making in Q2.
In order to actualize the target, Jinan Steel, one of the nominal subsidiaries of the group pointed out to lower per tonne iron making cost to below CNY 2000 per tonne in May and below CNY 1900 per tonne in June further cutting the steel-making costs and gain profits of CNY 50 million in June.
Laiwu Steel, the other one subsidiary of the group, planed to make the shift by cutting CNY 600 per tonne from the steelmaking costs.
