Xinyu Steel's net profit soars by 521 percent

August 31, SteelOrbis - According to the financial report issued on August 31 by Jiangxi Province-based Chinese steelmaker Xinyu Steel Corporation (Xinyu Steel), in the first half year of 2010 the company's operating revenue totaled RMB 16.594 billion ($2.4 billion), up 79.4 percent, its operating cost amounted to RMB 15.654 billion ($2.3 billion), increasing by 81.75 percent, while its net profit reached RMB 282 million ($41.4 million), representing an increase of 521.05 percent - all compared with the same period of last year.

In the first six months of this year, Xinyu Steel produced 4.36 million mt of pig iron, 4.46 million mt of crude steel and 4.36 million mt of finished steel products, respectively increasing by 68 percent, 62 percent and 68 percent when compared with H1 2009.