Shandong Province-based Chinese steelmaker Shandong Iron and Steel Co., Ltd (Shandong Steel) has announced an operating revenue of RMB 31.559 billion ($4.64 billion) for the first half of the current year, up 41.32 percent year on year, and a net profit of RMB 595.6 million ($87.6 million) for the given period, compared to a net profit of RMB 28.053 million ($4.125 million) in the corresponding period last year.
In the first half of this year, Shandong Steel produced 2.62 million mt of pig iron, 3.42 million mt of crude steel and 3.59 million mt of finished steel, rising respectively by 12.45 percent, 6.54 percent and 13.6 percent year on year.
Shandong Steel stated that elimination of outdated capacities and production restrictions due to environmental measures in China in the given period provided support for increases in finished steel prices, which contributed significantly to the improvement in the company’s net profit.