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It was reported that Taigang Stainless Steel Company registered a profit of CNY 385 million during the first six months of the year, up 15.42% YoY.

The company attributed the rise in profits to surging nickel prices, which helped buoy up the stainless steel market.

Its revenues, however, dropped by 14.09% YoY to CNY 46.72 billion adding a modest economic growth, an oversupplied steel industry resulted in high costs and low profits in the sector.

Besides, the company produced 1.92 million tonnes of stainless steel from January to Junne up 22.57% YoY slightly lower than the target and this was due mainly to weak demand.

• [Editor:Juan]