Shanxi Taigang Stainless Steel posted a 3.5 percent year-on-year increase in net profit to 838 million yuan in the first half of 2011, reports Yicai.com, citing a company filing.

Sales revenue in the first half grew 5.57 percent year-on-year to 45.84 billion yuan, with earnings per share (EPS) of 0.1472 yuan.

Production volume of steel increased 0.35 percent to 4.99 million tons in the first half of this year, with stainless steel production growing 3.14 percent to 1.46 million tons.

According to Taigang Stainless Steel, the growth rate in steel production volume will be lower in the latter half of this year, while high production cost will continue in the steel production industry.