Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced in its preliminary financial report for 2016 that it expects to record a net profit in the range of RMB 834.33-998.63 million ($121.44-145.36 million) for the year, compared to the net loss of RMB 928.6364 million recorded in 2015.
Sangang Minguang stated that the rising trend of finished steel prices and its improved budget control contributed to its net profit in the given year.