Shandong Province-based Chinese steelmaker Shandong Iron and Steel (Shandong Steel) has issued its financial report for the first half this year, announcing that Shandong Steel Group realized an operating revenue of RMB 58.834 billion ($9.1 billion) for the given period, up 46.54 percent year on year, and a net profit attributable to the shareholders of the listed company of RMB 2.103 billion ($0.3 billion), up 508.69 percent year on year.
Shandong Steel stated that iron ore prices may face severe fluctuations in the second half of the current year. Moreover, the issues of carbon neutrality and peak carbon dioxide emissions will reduce the supply of coke and coal, which will push up raw material prices. Meanwhile, China’s central government aims to reduce domestic crude steel output in the full year of 2021, which will bolster steel prices.