In the first six months of the current year, Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co.'s (Baotou Steel) sales revenue amounted to RMB 29.4 billion ($4.67 billion), up 31.5 percent year on year. Meanwhile, as a result of cost-cutting efforts, Baotou Steel's net profit for the period reached RMB 951 million ($147.67 million), RMB 201 million ($31.21 million) higher than originally planned. Both Baotou Steel's net profit and sales revenue for the given period constituted all-time records.
In addition, in H1 Baotou Steel's crude steel production totaled 5.1027 million mt, equal to 50.5 percent of its targeted full-year output, while its semi-finished steel production amounted to 4.8545 million mt, i.e., 50.46 percent of the planned output for 2011.