AnYang Iron & Steel, a steel maker in China, 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 (about 149 million U.S. dollars) in the January-June period while business revenue saw 36.8-percent growth to 15.77 billion yuan, it said in a report filed to the Shanghai Stock Exchange.
Earnings per share also rose significantly during the same period, up 3,441.67 percent to 0.425 yuan.
AnYang attributed the fast growth to its product structure upgrade and ecological transformation in manufacturing.
China’s iron & steel industry showed good performance in H1. The profit of about 380 major companies in the sector reached 139.27 billion yuan (about 20.39 billion U.S. dollars), up over 151 percent year on year, according to the China Iron and Steel Association.
The Chinese 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 & steel saw substantial rises afterwards, leaving the remaining competitors to gain large market share.
AnYang’s share price closed 3.36 percent lower at 4.6 yuan on Friday. Its share price has climbed about 40 percent in the past two months.