Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co. (Sangang Minguang) has announced that its net profit is expected to reach RMB 2.73 billion ($0.42 billion) for the first half of the current year, up 132.27 percent year on year.
In the given period, demand for steel improved amid the macroeconomic recovery in China, resulting in rises in steel prices and contributing to the increase in the company’s net profit.
$1 = RMB 6.4695