Shandong Steel Group posts massive profit increase in H1

Thursday, 22 July 2010 13:49:28 (GMT+2)

In the first half year of 2010 Chinese steel producer Shandong Steel Group posted a net profit of RMB 2.329 billion ($344 million), marking a massive increase of RMB 3.608 billion ($532 million) year on year.

In the period in question Shandong Steel registered sales revenues of RMB 55.64 billion ($8.2 billion), up RMB 14.88 billion ($2.2 billion) year on year. The steelmaker produced 11.57 million mt of crude steel in the first six months of the current year. 

Meanwhile, it is expected that both Jinan Steel and Laiwu Steel, listed subsidiary companies of Shandong Steel Group, will record profits in H1 2010 compared to losses in the same period last year, although they have not yet issued their results.

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