Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced that in its preliminary annual report that it expects to record a net profit in the range of RMB 50-100 million ($7.27-14.53 million) for 2016, compared to the net loss of RMB 3.30632 billion recorded in 2015.
Baogang stated that the rising trend of finished steel prices in 2016, its improved product variety, strengthened budget controls, its increased production of high value-added products and the reduction of its overall management costs contributed to its net profit in the given year.