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Delong's FY18 revenue to take 316m yuan hit
CHINESE steelmaker Delong Holdings warned its revenue may fall by about 316 million yuan (S$62.4 million) this year and 887 million yuan next year on reduced output from the shut-in of one blast furnace in China's Xingtai City.
The firm said after Thursday's trading close that it expects to stop production at the blast furnace from Nov 30, 2018 through to Mar 31, 2019.
This is in line with Xingtai City's policies on the comprehensive management of air pollution in autumn and winter. Consequently, its production capacity is expected to fall by 89,000 tonnes for the year ended Dec 31, 2018 and 250,000 tonnes for the year ended Dec 31, 2019.