Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that its net profit for the first half this year is expected to amount to RMB 5.3-5.7 billion ($0.82-0.88 billion), up 75-89 percent year on year, constituting the company’s best performance historically.
In particular, the company is expected to register a net profit of RMB 3.2-3.6 billion ($0.5-0.56 billion) in the second quarter this year, reaching a record level for the given period.
The company said the profitability of the steel industry improved further in the first six months this year amid steady economic development and good demand for steel.
$1 = RMB 6.4709