Liaoning Province-based Chinese steel producer Lingyuan Iron & Steel Co., Ltd (Lingyuan Steel) has announced an operating revenue of RMB 8.363 billion ($1.23 billion) for the first half of the current year, up 37.01 percent year on year, and a net profit of RMB 405 million ($59.56 million) for the same period, compared to the net loss of RMB 79.7315 million recorded in the corresponding period last year.
In the first half of the current year, Lingyuan Steel produced 2.5472 million mt of pig iron, up 99.01 percent, 2.5891 million mt of crude steel, up 83.73 percent, and 2.5644 million mt of finished steel, rising by 62.11 percent, all year on year.
According to its financial report for the first half of 2017, rising finished steel prices contributed to Lingyuan Steel’s increased operating revenue in the given period.