Jiangsu Province-based major Chinese steelmaker CITIC Pacific Special Steel has announced that it registered an operating revenue of RMB 53.672 billion ($7.9 billion) in the January-June period this year, down 1.91 percent year on year, while posting a net profit of RMB 2.99 billion ($0.44 billion) for the period, up 6.85 percent year on year.
In the first six months this year, the company's sales of high-end bearing steel increased by 16.1 percent year on year, while sales of automotive steel grew by 14.7 percent year on year.
Meanwhile, CITIC Pacific Special Steel exported 1.2009 million mt of steel in the given period, up 7.07 percent year on year, showing its competitiveness in the global market.
By shifting toward high-growth areas like energy and high-end equipment, the company proved that an enterprise can use product upgrades to boost margins and offset weaker revenues from traditional product lines, even in a downward market.
