The steel deal

THE Shanxi Taigang Stainless Steel Co, China's biggest maker of the metal, said first-half profit probably quadrupled from a year earlier after it bought assets from its parent, boosting output and sales.

Net income in the six months ended June 30 probably surged between 280 percent and 330 percent, the company said in a statement to the Shanghai Stock Exchange yesterday. The company earlier estimated that profit may jump as much as 250 percent. Taigang made a profit of 676.2 million yuan (US$89 million), or 0.254 yuan per share, in the first half of 2006. It will report this year's first-half profit on August 27.