On August 29, Liaoning Province based Chinese steelmaker Anshan Iron and Steel Group Co has announced its financial report for the first half of the current year.
Accordingly, in the given period the company's operating revenue totaled RMB 36.9 billion (USD 6.03 billion), down 6.24% year on year, while its operating profit totaled RMB 578 million (USD 94.44 million), up 120.53% year on year. Moreover, Ansteel's net profit amounted to RMB 702 million (USD 114.7 million), up 135.53 percent compared to a net loss of RMB 1.976 billion (USD 0.32 billion) in the first half last year.
According to Ansteel, although it has been difficult for Chinese steel mills to make a profit due to the ongoing sluggishness in the steel industry and increasingly worsened oversupply, the company successfully turned loss into gain by reducing costs and increasing benefits, strengthening the R&D, improving the product mix, boosting the customer services.
In the first half of the current year, Ansteel produced 10.42 million tonne of pig iron up 4.4%, 10.013 million tonne of crude steel up 3.82%, and 9.46 million tonne of finished steel up 0.73% all on year on year. Meanwhile, in the given period the sales volumes of finished steel totaled 9.13 million tonne up 1.03 percent year on year.