Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) has announced in its preliminary financial report for 2016 that it expects to see a net profit in the range of RMB 624.81-677.76 million ($90.95-98.66 million) for the year, compared to the net profit of RMB 105.9 million recorded in 2015.
Fangda Special Steel stated that the rising trend of finished steel prices contributed to its net profit in the given year.