Hebei Province-based major Chinese steelmaker HBIS Company Co., Ltd., a subsidiary of Hebei Iron and Steel Group, announced that its net profit is expected to amount to RMB 912-1,064 million ($135.5-158.1 million) in the first half this year, down 30-40 percent year on year.
The company stated that decreasing finished steel prices and slack demand contributed to the decline in its net profit in the given period.