Angang's H1 profit up 55%

ANGANG Steel Co, China's third-biggest steel producer, said first-half profit rose 55 percent because of higher metal prices. Net income rose to 4.8 billion yuan (US$632 million), or 0.81 yuan per share, in the six months through June from 3.1 billion yuan, or 0.57 yuan a share, the Anshan, Liaoning Province-based steel maker said in a filing to Hong Kong's stock exchange, citing international accounting standards.

China's 77 largest steel makers doubled profit in the first half to 78.3 billion yuan from a year ago as sales climbed, the China Iron and Steel Association has said.