Taigang Stainless Steel Co. registered a profit of 385 million yuan ($62.46 million) during the first six months of the year, up 15.42% year-on-year, it said in its statement.

The company attributed the rise in profits to surging nickel prices, which helped buoy up the stainless steel market.
Its revenues, however, dropped by 14.09% year-on-year to 46.72 billion yuan, it said, adding a modest economic growth, an oversupplied steel industry resulted in high costs and low profits in the sector.

Besides, the company produced 1.92 million tonnes of stainless steel from Jan. to Jun., up 22.57% year-on-year, slightly lower than the target, and this was due mainly to weak demand.