Chinese steel company HBIS Company Limited, based in Hebei Province, announced that its net profit for January-June of this year amounted to 638 million yuan ($94 million), which is 6.61 percent more than in the same period last year.
During the specified period, HBIS's operating revenue amounted to 65.878 billion yuan (9.7 billion US dollars), which is 0.65% less compared to the same period last year.
In the first six months, the production volume of cast iron, steel and finished steel amounted to 16.98 million tons, 16.44 million tons and 15.21 million tons, up 3.0 percent, 4.5 percent and 5.9 percent, year-on-year, respectively&.
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In the first half of this year, China's output of crude steel amounted to $499.95 million tons, a decrease of 3.0 percent year-on-year. Against this background, HBIS's crude steel production increased by 4.5% year-on-year, while the company focused its resources on improving high-value-added products. For example, sales of high-strength steel for household appliances and ultra-high-strength rolled products for the automotive industry increased, while revenue from sales of long products such as bars, profiles and wire rod also increased by more than 20 percent. Thanks to this strategy of "marketing-based efficiency" and product range optimization, the company increased both the average selling price and gross profit for steel year after year, even as production volumes increased.
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