Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that it expects to record a net profit of RMB 584 million ($87.2 million) for the first half of the current year, increasing by RMB 233.23 million or 66.5 percent compared to the same period of the previous year.