Jiangsu Yonggang Group Co., Ltd reaped pre-tax profits of 827 million yuan during the first eight months of this year, thanks to more special steel production and non-steel businesses.
The east China-based private steel mill exported 1.86 million tonnes of steel for 650 million US dollars in January-August this year, 23.65 percent of which were premium and special steel. Currently, about 40 percent of Yonggang's steel products are premium and special steel, which enjoy a higher profitability than ordinary steel products.
The fine development of non-steel businesses contributed much to the company's performance, offsetting the difficult situation of steel business, Yonggang said. The company said it has optimized business structure and formed six major businesses including iron and steel, heavy industry, logistics, construction, finance and tourism.
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