2010-08-18 16:30

Angang Steel Co Ltd (Ansteel), the listed unit of Anshan Iron and Steel Group, returned to profits in the first half of this year with net profit surging 275.94 percent year-on-year to 2.75 billion yuan ($405.04 million).

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Total revenue of the company in the first six months was 44.04 billion yuan, a increase of 46.95 percent from one year earlier, with earnings per share standing at 0.38 yuan, the company said in it interim report filing to the Shenzhen Stock Exchange on Wednesday.

The company attributed the profits surge to rising product prices rising and sales volume increases. It forecast a satisfactory income in the third quarterly report, with net profit up to 2.3 to 2.9 billion yuan from January to September, or an increase of 597 - 779 percent year-on-year. Earnings per share may rise 591 -772 percent to 0.318-0.401 yuan.