Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced an operating revenue of RMB 16.958 billion ($2.55 billion) for the first half of the current year, up 55.93 percent year on year, while it achieved a net profit of RMB 1.208 billion ($0.18 billion) in the given period, compared to a net profit of RMB 146 million in the same period last year.
The company produced 4.4499 million mt of pig iron, 4.7276 million mt of crude steel and 4.2028 million mt of finished steel, rising by 3.01 percent, 6.92 percent and 3.82 percent year on year, respectively.
Nanjing Steel stated that supply-side reforms in China, including elimination of outdated steel capacity and of low-grade construction steel capacity, as well as its lowering of costs contributed to its improved operating performance in the given period.