On August 30, Hebei Iron and Steel Group, Hebei Province-based Chinese steelmaker announced its financial results for the first six months of this year.
In the first half of this year, Hebei Iron and Steel Group achieved a net profit of RMB 393 million ($62 million), down 60.18 percent year on year, while its operating revenue totaled RMB 59.688 billion ($9.4 billion), indicating a decrease of 15.79 percent as compared to the first half of last year.
The company stated that in the first half of this year its profits were negatively impacted by the sharp decline in steel sales prices and higher prices of raw materials, amid sluggish steel market conditions.
In addition, Hebei Iron and Steel Group foresees a net profit in the range of RMB 130-519 million for the first three quarters of the current year, decreasing by 60-90 percent on year-on-year basis.