Jiangsu Province-based Shagang Co., Ltd. (Shagang) has announced that its net profit amounted to RMB 156 million ($21.9 million) in the January-June period this year, up 49.53 percent year on year.
In the given quarter, Shagang registered an operating revenue of RMB 6.827 billion ($0.96 billion), down 10.86 percent year on year.
Facing a severe and complex market situation, Shagang adjusted its business strategy and promoted product upgrades, improving its profitability in the first six months this year.