Qinghai Province-based Chinese steelmaker Xining Special Steel Co. has announced that in the first half of the current year its net profit amounted to RMB 69.01 million ($11.27 million), up 18.3 percent year on year, while its operating revenue totaled RMB 3.291 billion ($0.54 billion), down 11.88 percent year on year.
Xining Special Steel stated that the increase in its net profit was due to lower prices of raw material.
Source:
http://www.steelorbis.com/steel-news/latest-news/xining-special-steels-net-profit-up-183-percent-in-h1-776340.htm