Anhui-based Chinese steelmaker Masteel has announced in its preliminary financial report for 2016 that it expects to record a net profit of RMB 1.228 billion ($178.49 million) for the year in question, compared to the net loss of RMB 4.8 billion recorded in 2015.
Masteel stated that rising trend of finished steel prices in 2016, its improved product variety, strengthened budget controls and the reduction of its overall management costs contributed to its net profit in the given year.