Jiangsu Province-based Chinese steelmaker Shagang Co. has stated that in the first half of the current year it achieved an operating revenue of RMB 5.302 billion ($0.86 billion), up 2.75 percent year on year, while it recorded a net profit of RMB 34.964 million ($5.68 million), up 297.04 percent year on year.
Meanwhile, Shagang estimates that for the January-September period this year it will see a net profit of RMB 50-55 million ($8.12-8.93 million), up 240-270 percent year on year, mainly on the back of higher finished steel sales volumes and resulting increases in operating revenues.