On July 4, Jiangxi-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) stated that it expects its net profit to rise by about 180 -230 percent in the first half of the current year, up from RMB 116 million ($17.8 million) in the same period last year. The company also said that its investment in iron ore has helped boost its profits.
In the first quarter of the current year, the sales revenue of Fangda Special Steel reached RMB 2.918 billion ($448.9 million), a year-on-year increase of 1.74 percent, while the steelmaker recorded a net profit of RMB 98.8177 million ($15.2 million), up 56.9 percent year on year.