Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) has announced in its preliminary financial report for 2016 that it expects to record a net profit in the range of RMB 350-450 million ($50.87-65.41 million) for the year, compared to a net loss of RMB 1.1 billion in 2015.
Shougang stated that reorganization of its major assets and the rising trend of finished steel prices contributed to its net profit in the given year.