On July 13, Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., an affiliate of Guangdong-based Shaoguan Iron and Steel Co. (Shaogang), announced that it expects to register a net profit of RMB 650 million ($95.6 million) for the first half of the current year, compared to the net loss of RMB 228.8 million recorded in the same period last year.
The company stated that the relatively high levels of finished steel prices contributed to its net profit in the given period.