In the first half of the current year Chinese steel producer Jinan Iron and Steel (Jinan Steel) realized a net profit of RMB 205 million ($30 million), compared with a net loss of RMB 875 million ($129 million) in the first six months of 2009.
In H1, Jinan Steel's sales revenues reached RMB 15.955 billion ($2.36 billion), up 32.09 percent year on year. Meanwhile, the steelmaker's earnings per share in the period in question came to RMB 0.0658 ($0.0097), compared with a loss per share of RMB 0.2805 ($0.0415) in the same period of last year.
Jinan Steel stated that its strong performance in the first half of this year was mainly attributable to the increases in sales volumes and sales prices.