Hebei Province-based major Chinese steelmaker HBIS Company Co., Ltd., a subsidiary of Hebei Iron and Steel Group, has issued its financial report for the first half of the current year, announcing that it registered an operating revenue of RMB 71.994 billion ($10.5 billion), down 4.05 percent year on year, and a net profit of RMB 974 million ($141.6 million), down 35.98 percent year on year.
In the given period, its outputs of pig iron, crude steel and finished steel amounted to 14.36 million mt, 13.83 million mt and 13.10 million mt, up 0.84 percent, down 1.7 percent and down 6.0 percent, year on year, respectively.
According to the company, decreasing finished steel prices and slack demand in the first six months contributed to the decline in its net profit.
