On July 31, 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 registered an operating revenue of RMB 11.337 billion ($1.68 billion) in the first half of the current year, up 96.02 percent year on year, while it posted a net profit of RMB 649.6 million ($95.6 million) for the given period, compared to the net loss of RMB 228.8 million recorded in the same period last year.
In the first half this year, the company produced 3.05 million mt of pig iron, 2.82 million mt of crude steel, and 2.65 million mt of finished steel, respectively rising by 10.2 percent, 16.3 percent and 12.8 percent year on year.