Shanxi Province-based Chinese stainless producer Taigang Stainless Steel Co. (Taigang Stainless Steel), a listed subsidiary of Taiyuan Iron and Steel (Group) Co. (TISCO), has announced that it expects to record a net profit in the range of RMB 650-800 million ($95.6-117.6 million) for the first half of the current year, compared to a net profit of RMB 301.55 million in the same period last year.
Taigang Stainless Steel stated that the improvement in China’s finished steel market and the optimization of the company’s management structure contributed to its increased profitability in the given period.