Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced an operating revenue of RMB 9.806 billion ($1.47 billion) for the first half of the current year, up 59.70 percent year on year, while it recorded a net profit of RMB 1.08 billion ($0.16 billion), indicating a sharp rise compared a net profit of RMB 360 million in the same period last year.
In the first half of this year, the company produced 3.1684 million mt of crude steel, 2.8292 million mt of pig iron and 3.0472 million mt of finished steel, up 4.17 percent, 1.75 percent and 0.66 percent year on year, respectively.
Sangang Minguang stated the supply-side reforms in China, including elimination of outdated steel capacity and of low-grade construction steel capacity, have contributed to the better performance of the steel industry in China. It also said that, amid rising finished steel prices, it lowered its costs and made improvements to management, resulting in its better business performance in the first half of the year.