Guizhou Province-based Chinese steelmaker Shuicheng Iron and Steel (Group) Co.,a subsidiary of major Chinese steel producer Shougang Group, has announced that in the first half of the current year its steel smelting mill achieved a gross profit of RMB 226 million ($35.7 million).
The company stated that in the first six months its steel smelting mill completed 56.5 percent of its cost reduction target for the whole of 2012. Shuicheng Steel also said that its smelting mill will play a significant role in helping the company to move from a loss situation and to record a profit in 2012.