Shanxi Province-based Chinese stainless steel producer Taigang Stainless Steel Co., a subsidiary of Taiyuan Iron and Steel (Group) Co. (TISCO), has announced an operating revenue of RMB 46.716 billion ($7.58 billion) for the first half of the current year, down 14.09 percent year on year, while it recorded a net profit of RMB 385 million ($62.5 million) in the given period, up 15.42 percent year on year.
In the first half this year, Taigang Stainless Steel produced 5.3993 million mt of crude steel, up 11.98 percent, including 1.9156 million mt of stainless crude steel, up 22.57 percent, both year on year. The company stated that its output was lower than planned due to the ongoing sluggishness of demand in the first half this year.