It is reported that as the domestic steel market showed a sign of rebounding in July Taigang Group Linfen Steel has reversed losses into profits for CNY 23.3 million in the month by lowering the production costs, presenting an upward momentum.

Since last August, the steel prices eyed a big dive impacted by the economic downturn with the shrinking steel demand and sliding exports. Like many other steel enterprises, Linfen Steel witnessed profit losses for straight 10 months falling into the hot water.

In the H1 year the company was running in low level fluctuation, with the bad sales and increased inventory. Confronted with the challenges, Linfen Steel spared no efforts to promote management product and craft upgrades with the saved costs of CNY 0.12 billion.

In July, the company produced 101,900 tonnes of medium plate up by 6.45% MoM, 103,500 tonnes of crude steel up by 13.6% MoM and 98,300 tonnes of pig iron up by 12.58% MoM respectively reaching the highest level this year.

(Sourced from MySteel.net)
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