ANYANG Iron & Steel, a Shanghai-listed steelmaker, saw a more than 3,562 percent rise in net profit in the first half of 2018, according to its half-year financial report.

The company’s net profit soared to 1.02 billion yuan (US$149 million) in the January-June period, while business revenue jumped 36.8 percent year on year to 15.77 billion yuan, the firm said.

Earnings per share also rose significantly during the same period, up 3,441.67 percent to 0.425 yuan.

Anyang Iron attributed the fast growth to its product structure upgrade and ecological transformation in manufacturing.

China’s iron and steel industry showed good performance in the first half of this year. The profit of about 380 major companies in the sector reached 139.27 billion yuan, up more than 151 percent year on year, according to the China Iron and Steel Association.

The government has put “green development” high on its agenda, closing a large number of steel companies that failed to meet its environmental standards. The price of iron and steel saw substantial rises afterwards, leaving the remaining competitors to gain a larger market share. (Xinhua)