Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co.(Xinyu Steel) has announced that it expects to register a net profit of RMB 500-600 million ($73.53-88.24 million) in the first half of the current year, compared to the net profit of RMB 110.81 million recorded in the same period last year.
The company stated that supply-side reforms in China, including the elimination of outdated capacity and of low-grade construction steel production, have contributed to the rising trend of domestic finished steel prices, resulting in its improved performance in the first half of the year.