Shandong Province-based Chinese steelmaker Xiwang Special Steel Co., Ltd. (Xiwang Special Steel) has announced that it posted an operating revenue of RMB 5.592 billion ($0.85 billion) in the first half of the year, up 67.7 percent year on year, while it registered a net profit of RMB 309 million ($46.8 million) in the given period, up 90.7 percent.
In H1, the company sold 1.4784 million mt of finished steel, up 9.8 percent year on year, with the average selling prices of common finished steel and special steel of RMB 2,980/mt ($452/mt) and RMB 3,108/mt ($471/mt), up 57.5 percent and 52.8 percent year on year.
The company stated that the rising selling volume of finished steel and higher finished steel prices have contributed to the better performance for the first half of the year.