Liaoning Province-based Chinese steel producer Lingyuan Iron & Steel Co., Ltd (Lingyuan Steel) has announced in its preliminary financial report for 2015 that it expects to record a net profit in the range of RMB 30-80 million ($4.56-12.16 million) for the year, compared to the net loss of RMB 713 million recorded in 2014.
Lingyuan Steel stated that the financial subsidy it received from its local municipal government contributed to the profit it recorded in the given year.