Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group has announced that in the first half of the current year its subsidiary Xuanhua Steel achieved an increase of RMB 50 million ($7.9 million) in net profit compared to the same period of the previous year on the back of improved output of value-added steel products.
In the given period, Xuanhua Steel produced 120,000 mt of angles for the national electricity grid in southern China, while it supplied 10,709 mt of high-strength earthquake-resistant rebar for high-speed railway and subway projects in China. In addition, in the first half of the year Xuanhua Steel developed seven new grades of boron-added wire rod of 5-12mm diameter as per American standard, while its exports of American standard wire rod totaled 153,700 mt.
Meanwhile, Xuanhua Steel recently supplied 7,100 mt of steel angles for the project for transmission of electricity from South Hami in Xinjiang to Zhengzhou in Henan Province.