STSS realizes Net Profit year-on-year growth of 371.75% in the first half year

On Aug 25th, Shanxi Taigang Stainless Steel Co.,Ltd held the 25th session of the 6th Board of Directors in the Conference Center of Garden International Hotel. The meeting was presided over by Mr. Gao Xiangming, the Chairman of STSS.

 

The meeting deliberated and adopted “General Manager’s2016 Semiannual Work Report”, “Proposal on 2016 Semiannual Report”, “Proposal on Election of Board of Directors” and etc. Disclosed information showed, facing negative factors such as iron and steel industry’s overcapacity, lack of demand and etc, STSS had persisted in deepening of internal reform, and market-driven mechanisms to achieve annual budget. The company conducted innovation-driven strategy, optimized product mix structure, strengthened market development, launched a batch of STSS’s products onto high-end customers and sectors, and further expanded the international market. Through reinforcement of quality optimization and technology breakthrough, the company speeded up the response time for onsite quality problems. Relying on process technical innovation and management innovation, the company continuously improved the key technical & economic indicators and cutted production cost significantly. Its circular economy and green development scored new achievements. By implementing a series of measures, the company saw stable production and operation. In the first half year of 2016 STSS realized net profit of RMB 0.302 billion Yuan, which belongs to shareholders of the listed company, growing by 371.75% year-on-year; cash flow generated by operation rose by 2302.40% to RMB 3.622 billion Yuan.

 

The meeting recognized that in the face of unprecedented severer situation, the entire company proceeded with confidence, focused on target, pooled efforts together, challenged the difficulties and promoted innovation steadily. STSS made the great headway in improving quality, reducing cost, developing market, increase operation efficiency and etc.

 

The meeting pointed out, in order to complete the second half year’s work, fulfill the annual target, and realize the healthy and sustainable development, it must seriously summarize experiences, stress reform and innovation, further tamp basic management, constantly promote transformation and upgrading with firm confidence, open mind and act bravely.