Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co. (Bengang Steel Plates), a listed subsidiary of Benxi Iron and Steel (Group) Co. (Bengang Group), has announced that it expects to record a net profit of RMB 574.6 million ($85.38 million) for the January-September period of the current year, compared to a net profit of RMB 163.1 million in the same period of 2015.
Bengang Steel Plates stated that it reduced expenditure, improved product structure and the rising trend of finished steel prices against the backdrop of China’s supply-side reforms all contributed to its increased profitability in the given period.