GIS Songshan expects net profit of RMB 90-110 million for 2013

On January 14, Guangdong Province-based Chinese steel rolling and processing company SGIS Songshan Co., an affiliate of Guangdong-based Chinese steel producer Shaoguan Iron and Steel Co. (Shaogang), announced that it expects to achieve a net profit in the range of RMB 90-110 million ($14.9-17.97 million) for 2013, compared to the net loss of RMB 1.952 billion recorded in 2012. The company stated that the significant improvement in its profitability is mainly due to reductions in its costs and expenses.