In the first half of the current year, Liaoning Province-based Chinese steelmaker Angang Steel achieved an operating revenue of about RMB 44.04 billion ($6.496 billion), up by 46.59 percent year on year, while its net profit for the period reached RMB 2.75 billion ($406 million), up 275.94 percent compared with the same period last year. The steelmaker stated that its strong results were attributable to increased prices and sales volumes.
According to its H1 report, in the first six month of the current year Angang Steel produced 10,740,800 mt of pig iron and 10,571,100 mt of crude steel, up by 15.81 percent and 16.14 percent respectively year on year. Meanwhile, its finished steel output for the period reached 10,168,500 mt, increasing by 19.33 percent year on year, while its sales of finished steel products amounted to 9,706,200 mt, up by 16.88 percent compared with the corresponding period in 2009.
Angang Steel has also predicted positive results for the third quarter this year, with net profits foreseen to be in the range of RMB 2.3-2.9 billion ($337-428 million), indicating growth of 597-779 percent on year-on-year basis.