Gansu Province-based Chinese steelmaker Jiu Steel Group Hongxing Iron and Steel Co., Ltd. announced on July 4 that its net profit is expected to reach RMB 1.933 billion ($0.3 billion) for the first half of the current year, up by RMB 2.016 billion compared to the same period of last year.
The company said rising steel prices contributed to its performance in the given period, which shifted from a net loss to a net profit.