Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that it expects to register a net profit of RMB 350 million ($51.5 million) for the first half of the current year, compared to the net profit of RMB 227.34 million recorded in the same period last year.
JISCO Hongxing Steel stated that it expects to record an improved net profit for the period in question due to a better operating performance on the back of rising finished steel prices.