Angang Steel Co, China's second-biggest steel maker, said first-half profit rose 24 percent after it raised prices to benefit from higher demand.

Net income rose to 5.98 billion yuan (US$872 million), or 0.827 yuan a share in the six months ended June 30, from 4.83 billion yuan, or 0.81 yuan, a year earlier, the Liaoning Province-based company said in a statement to the Shenzhen Stock Exchange yesterday, citing domestic accounting standards. Sales rose 23 percent to 40.2 billion yuan. Profit would be 5.99 billion yuan by international accounting standards, the company said, without giving a percentage gain.

(Shanghai Daily August 12, 2008)