Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd, listed subsidiary of Hebei Iron and Steel Group (HBIS), has issued its preliminary financial results for 2016, announcing that it expects to achieve a net profit in the range of RMB 1.5-1.6 billion ($218-233 million) for the given year, rising by between 161.57 percent and 179.01 percent year on year.
Hebei Iron and Steel Co. Ltd stated that it focused on cost control and improving product structure in 2016, resulting in the impressive growth in the company’s profitability.