Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that it registered a net profit of RMB 956 million ($143.5 million) in the first half of the current year, shifting from loss of RMB 945.62 million in the same period last year. Meanwhile, its operating revenue in the first six months this year amounted to RMB 35.026 billion ($5.26 billion), up 59.7 percent year on year.
The company stated that the rising trend seen in Chinese finished steel prices and its efforts to lower costs contributed to its improved performance in the given period.