Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co. (Taigang Stainless Steel) has announced that in the first half of the current year it registered an operating revenue of RMB 35.441 billion ($5.54 billion), down 24.13 percent year on year, with a net profit of RMB 64 million ($10.0 million), down 83.38 percent year on year.
Taigang Stainless stated that slowing economic growth, the overcapacity in the steel industry amid slack demand, and the declines in steel prices were the main reasons for the decrease in net profit incurred in the first half this year.