Zhejiang Province-based Chinese steelmaker Hangzhou Iron and Steel Co. (Hangzhou Steel) has announced an operating revenue of RMB 12.78 billion ($2.07 billion) for the first half of the current year, up 36.63 percent year on year, with a net profit of RMB 355.6 million ($78.13 million), up 5.14 percent year on year.
The company stated that supply-side reforms in China, including elimination of outdated steel capacity and of low-grade construction steel capacity, as well as its lowering of costs contributed to its improved operating performance in the given period.