Shanxi Province-based Chinese major steelmaker Taigang Stainless Steel Co., Ltd., the listed subsidiary of Taiyuan Iron and Steel Group, issued its financial forecast report for the first half of the current year, stating that it expects to register a net profit of RMB 4.68-4.97 billion ($0.72-0.77 billion) in the given period, up 693.18-742.33 percent year on year.
The company said stainless steel prices increased in the first six months this year amid increasing demand due to the improvement in the economy in China.