Hangzhou Iron & Steel Co., a major Chinese steelmaker, said Saturday its net profit in the first half of the year surged 596.33 percent year on year to 165.5 million yuan (24.4 million U.S. dollars).

Sales revenue increased 31.19 percent to 9.7 billion yuan in the first half of 2010 on an increase in steel product prices, the company said in its semi-annual report filed with the Shanghai Stock Exchange.

Earnings per share rose to 0.2 yuan, up 566.67 percent year on year, according to the report.