Hebei Steel Group’s net profit declines by 60-90 percent in H1

Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group has issued its financial results for the first half of the current year, announcing an estimated net profit of RMB 98.8-395 million ($15.6-62.5 million), down 60-90 percent year on year.
 
The steelmaker stated that in the first half of the year its net profit was negatively impacted by high upstream raw material prices, the slowdown of downstream demand and the sharp decline of steel sales prices amid severe domestic and foreign market conditions.