On July 7, Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) announced a revision of its net profit estimate for the first half of the current year from RMB 567.5-747.7 million ($83.5-110 million) to RMB 903-1,082.8 million ($132.8-159 million), while the estimated year-on-year increase in net profit has been revised up from 57.5-107.5 percent to 150.6-200.5 percent.
The company stated that in the first half of the current year the relatively high levels of finished steel prices and improved cost control contributed to its increased profitability.