Despite the global financial crisis, Hubei Province-based Chinese special steel producer Daye Special Steel saw a sharp rise in its net profit in 2009.
According to the estimates for 2009 issued on January 26 by Daye Special Steel, the company achieved a net profit of RMB 330 million ($48.33 million) during the year in question, compared with the figure of RMB 200 million in 2008.
Daye Special Steel mainly produces gear steel, bearing steel, spring steel, die steel, high-speed tool steel and other special purpose steels, which are used in fields including automotive, oil, chemicals, coal, electricity, machinery manufacture and railway transportation.