Tangshan Steel announces strong first-half profits

Tangshan Steel announces strong first-half profits

Tangshan Iron and Steel Company (Tangshan Steel), China's seventh largest iron, steel and steel products producer, reported a 29 percent year on year increase in first-half profits. The company posted profit of RMB 654 million ($81 million) for the first half of the year. Tangshan Steel's sales rose 30.2 percent during the same period, from RMB 9.6 billion to RMB 12.5 billion. Tangshan Steel is one of the main suppliers of construction steel for government infrastructure projects. A 25.4% increase in spending on such projects translated into solid gains for the Chinese steelmaker. Tangshan Steel's mining and coking operations also added to the company's bottom line. Tangshan Steel is located in Northern China's Hebei province. The steelmaker has an annual capacity of seven million tons.