It is reported that Gansu Jiu Steel Group Hongxing Iron & Steel posted a 107.44%YoY increase in first half net profit to CNY 902 million with earnings per share of CNY 0.22. Sales revenue in the first half was CNY 27.96 billion up by 41.59%YoY.

The company attributed the higher net profits to expanded sales channels and higher profits from sales.

Jiu Steel said in its semi-annual report that it plans to produce a total of 7.86 million tonnes of iron and 9.15 million tonnes of steel this year. Of that figure, 3.66 million tonnes of crude iron, 4.38 million tonnes of steel and 4.26 million tonnes of steel material were produced in the first half.

The company private placement plan was conditionally approved by the China Securities Regulatory Commission in June. Jiu Steel intends to raise CNY 9.6 billion by issuing up to 1.086 billion shares at CNY 8.84 per share.

(Sourced from National Business Daily)