Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced in its preliminary annual report for 2016 that it expects to record a net profit in the range of RMB 50-100 million ($7.28-14.56 million), compared to the net loss of RMB 3.306 billion recorded in 2015.
Baogang stated that the rising trend of finished steel prices, its increased investment in research and development, its improved budget control and its optimization of product variety all contributed to its net profit in the given year.