Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) has announced that it registered a net profit of RMB 948.8951 million ($142.05 million) for the first half of the current year, compared to a net profit of RMB 16.45 million in the corresponding period last year.
Shougang stated that in the first half of the year China’s steady economic growth and the supply-side reforms implemented in its steel industry contributed to increased finished steel prices and rising profitability in the overall domestic steel industry. In addition, Shougang reduced its costs and improved its management, achieving an increased net profit in the first half of the year.