The group recorded lower production volume in 1Q18 mainly due to the cessation of operations at the group’s subsidiary, Laiyuan County Aoyu Steel Co. since Aug 2017 in addition to the shutdown of two out of Delong Steel’s three blast furnaces due to the government’s environmental policies.
SINGAPORE (May 3): Delong Holdings, the China based steel manufacturer and trader, reported 1Q18 earnings fell 27.6% to RMB 280.8 million ($58.9 million) compared to RMB 387.8 million in 1Q17.
Revenue for the first quarter ended March came in at RMB 2.95 billion, 1.2% lower than RMB 2.99 billion in the previous year, due to a significant decrease in sales volume during the period under review, despite a significant increase in average selling prices of hot-rolled steel coil (HRC) sold.
