Hubei Province-based Chinese steelmaker Daye Special Steel Co. (Daye Special Steel) has announced an operating revenue of RMB 4.839 billion ($0.724 billion) for the first half of the current year, up 47.19 percent year on year, with a net profit of RMB 189 million ($28.30 million), increasing by 30.0 percent year on year.
The steelmaker stated that, due to capacity elimination in the steel industry and elimination of low-grade construction steel production, the business environment in China’s steel industry has improved significantly, resulting in the rising trend of finished steel prices in the given period. Meanwhile, Daye Special Steel adjusted its product structure and did its best to lower its costs, thereby achieving an increase in net profit in H1.