China Knowledge reported that Jinan Iron and Steel Co Ltd, a major domestic steel producer in East China's Shandong Province, expects that its net profit in H1 2008 would be up by 50% YoY. It had reported a net profit of CNY 672.14 million last year.

Jinan Iron and Steel Co Ltd attributed the improving performance expectations to outstanding achievements of structural adjustment and the development of energy saving. Meanwhile, the significant rise in steel prices in the H1 2008 comparing to the same period of 2007 will also be a contributing factor for the profit surge.

Jinan Iron and Steel an oversize steel corporation issued 220 million A shares and listed on the Shanghai Stock Exchange in June 2004. The company now has net assets of CNY 3.44 billion with 11,926 employees.