July 22 -- Gansu Jiu Steel Group Hongxing Iron & Steel (Jiu Steel) (600307) posted a 107.44-percent year-on-year increase in first-half net profit to 902 million yuan, with earnings per share (EPS) of 0.22 yuan, reports National Business Daily, citing a company filing. Sales revenue in the first half was 27.96 billion yuan, up 41.59 percent year-on-year.

The company attributed the higher net profits to expanded sales channels and higher profits from sales.

Jiu Steel said in its semi-annual report that it plans to produce a total of 7.86 million tons of iron and 9.15 million tons of steel this year. Of that figure, 3.66 million tons of crude iron, 4.38 million tons of steel, and 4.26 million tons of steel material were produced in the first half.

The company’s private placement plan was conditionally approved by the China Securities Regulatory Commission (CSRC) in June. Jiu Steel intends to raise 9.6 billion yuan by issuing up to 1.086 billion shares at 8.84 yuan per share.