Angang Steel steel company for the first time in two years made a profit

The shares of one of the largest steel companies in China Angang Steel Co grew by 8.7 percent immediately after the publication of profit data for the first half of 2013. This growth has become the most significant increase in quotations since the beginning of the year.

Angang Steel Co announced a profit of 702 million yuan ($ 114 million) received in the first six months of 2013, against 1 billion 980 million yuan loss in the APPG-2012. This is the first profit of the metallurgical company over the past two years. According to Bloomberg, ANGANG STEEL CO since the end of last year has been actively getting rid of unprofitable assets.

The price of futures for reinforcement in Shanghai today strives for the highest levels of closure since April 19 of this year amid speculation on the topic of infrastructure projects. As reported by the Chinese government intends to continue financing the construction of railways in order to ensure the growth of domestic consumption and reduce the number of excessive metallurgical capacities.