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It's reported that China's steelmaker Lingyuan Steel estimated that its net profits would be at RMB30~RMB40 million for the first half of this year, in comparison of net profits of RMB232 million in the same period of a year ago.Lingyuan Steel indicated that its profitability was contributed by the RMB31.8 million received in local government subsidies by its wholly-owned subsidiary Beipiao Steel Pipe Co.