Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Group (Liuzhou Steel Group) has announced in its preliminary annual report that it expects to record a net profit of RMB 184.5156 million ($26.82 million) for 2016, compared to the net loss of RMB 1.3267 billion recorded in 2015.
Liuzhou Steel Group stated that the rising trend of finished steel prices in 2016, the optimization of its management model and its strengthened budget controls contributed to its net profit in the given year.