Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co.(Xinyu Steel) has announced that it expects to see a sharp rise in its net profit for the first half of the current year, with its net profit for the period expected to rise by RMB 1.5-1.75 billion (0.23-0.26 billion) year on year. In the first half last year, the company registered a net profit of RMB 571.9 million.