China's top steelmakers bounce back to profit after price rally

Shanghai

CHINA'S top steelmakers posted gains in first-half profit as a surprise rebound in prices lifted earnings, with the biggest producer Hesteel Co Ltd recording its best six months since 2011.

Hesteel, the listed unit of China's biggest steel mill by output, said that net income in the six months through June rose to 409 million yuan (S$83.5 million), from 357 million yuan a year earlier and 216.5 million in the second half of 2015. Baoshan Iron & Steel Co Ltd, the listed unit of the No 2 producer, saw net income rise 9 per cent on the year to 3.47 billion yuan, after a net loss of 2.16 billion yuan in the second half.