August 11, 2008

China Xining Special Steel Reports 99 Pct Net Profit Surge in 1H

China Xining Special Steel reports 99 pct net profit surge in 1H

BEIJING, Aug. 9 (Xinhua) -- Chinese Xining Special Steel Co. Ltd., a major domestic iron and steel maker, reported on Saturday a 252 million yuan (36.7 million U.S. dollars) net profits in the first half, up 99.42 percent year-on-year.

The western Qinghai-based steel maker's business revenue topped 3.72 billion yuan, up 47.46 percent year on year, with earnings per share standing at 0.34 yuan.

The profit rise was mainly boosted by its production volume increase of main businesses. The company turned out 588,700 and 522,900 tonnes of steel and steel products respectively in the first half, up 5.55 percent and 8.12 percent respectively year on year.

The company produced 527,900 tonnes of iron concentrate in the Jan.-June period, up 168.19 percent year on year. It turned out 378,700 tonnes of coke in the first half, up 13.74 percent, compared to the same period last year.

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