Laiwu Steel Co, a listed unit of Shandong Iron and Steel Group Co Ltd., posted RMB198M ($31.0M) net profits for the first half 2011. However, this was down 27.09% from the first half 2010.

Revenue rose 21.14% to RMB22. 819bn ($3.57bn) for the H1 period, while its full-year target is RMB40.6bn ($6.36bn), according to the statement.

Laiwu Steel produced 2.37Mt of iron and 3.33Mt of steel in the first half 2011. The steelmaker had earlier set its annual steel production target at 6.65Mt.

Source: China Metals e-mail chinametal@xinhua.org