Taigang Stainless Steel returns to profit in H1

Friday, 27 August 2010 13:32:21 (GMT+2)

In its report for the first half of the current year, Shanxi Province-based Chinese stainless steel producer Taigang Stainless Steel has stated that it returned to profit in the period in question, posting a net profit of RMB 810 million ($119.12 million), compared to a loss of RMB 681 million ($100.15 million) in the same period last year.

In the first six months of this year, Taigang Stainless Steel's sales revenues amounted to RMB 43.419 billion ($6.39 million), up 49.94 percent year on year, while its earnings per share came to RMB 0.142 ($0.021), compared to a loss per share of RMB 0.12 ($0.018) in the corresponding period last year.

In its report for the first half of the year, Taigang Stainless Steel said it adjusted its product mix and developed its potential to lower costs; at the same time, influenced by national policy to stimulate domestic demand, domestic steel prices rebounded and product profitability increases, all of which contributed to the steelmaker's return to profit.

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