It's reported that China's steelmaker Lingyuan Steel estimated that its net profits would be at RMB30~RMB40 million for the first half of this year, in comparison of net profits of RMB232 million in the same period of a year ago. Lingyuan Steel indicated that its profitability was contributed by the RMB31.8 million received in local government subsidies by its wholly-owned subsidiary Beipiao Steel Pipe Co.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65405&division=A6
