Angang tripled net profit in H1

Angang tripled net profit in H1

Chinese mill Angang located in Liaoning, northern China, tripled its net profit to Yuan 620 million (appraox. $75 million) in the first six months of 2003. The company posted its net profit as Yuan 191 million in the same period last year. Angang's sales reached to Yuan 6.9 billion with a 39% increase in the aforementioned period. Angang's officials expressed that these results are in close relation with higher sales of added value products and the increase in steel prices. Angang produced 827'300 tons of cold rolled sheet, 547'000 tons of heavy plate, 476'200 tons of large sections and 253'300 tons of wire rod in the first half of 2003.