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 registered a net profit of RMB 351 million ($52.23 million) in the first half of the current year, up 54.29 percent compared to the net profit of RMB 227.34 million recorded in the same period last year. In the first half this year, the company achieved an operating revenue of RMB 19.328 billion ($2.88 billion), up 4.87 percent year on year.
Hongxing Steel stated that its elimination of outdated capacity and strict control of production costs contributed to the improvement in its performance in H1.