The chairman of Hebei Province-based Chinese steel producer Hebei Steel Group Wang Yifang announced that Hebei Steel posted pre-tax profit of RMB 31 billion ($5 billion) and net profit of RMB 13.4 billion ($2 billion) since its establishment in June, 2008 as a result of a merger between Tangshan Steel Group and Handan Steel Group.
In the first eight months of this year, Hebei Steel's operating revenue reached RMB159.80billion ($25 billion), up 10.34 percent, while the pre-tax profit increased to RMB 6.65 billion ($1 billion), up 27.95 percent, net profit RMB 3.20 billion ($502 million), up 16 percent, all compared to the corresponding period of the previous year