Zhejiang Province-based Chinese steelmaker Hangzhou Iron& Steel Co. (Hangzhou Steel) has announced that it recorded an operating revenue of RMB 9.353 billion ($1.40 billion) for the first half of the current year, down 22.79 percent year on year, with a net profit of RMB 339 million ($50.75 million) compared to a net loss of RMB 254 million recorded in the same period of 2015.
In the given period, Hangzhou Steel produced 2.25 million mt of slab and 2.22 million mt of hot rolled coil (HRC), equivalent to 52.08 percent and 52.86 percent of the company’s annual output targets, respectively.