Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel) has announced its estimated financial results for the first three quarters of the current year.
Accordingly, for the first nine months this year the company has announced an estimated net profit of RMB 765 million ($125.1 million), compared to a net loss of RMB 3.17 billion ($0.52 billion) in the same period last year.
According to Ansteel, despite fierce competition in the Chinese steel market and the softening of finished steel prices, the company achieved a profit by reducing costs and improving its product mix.