Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Group (WISCO) has announced in its preliminary financial report for 2016 that it expects to record a net profit of RMB 0.4 billion ($58 million) for the year, compared to the net loss of RMB 6.8 billion recorded in 2015.
WISCO stated that reorganization of its major assets and the rising trend of finished steel prices contributed to its net profit in the given year.
On December 7, 2016, China Securities Regulatory Commission (CSRC) announced its approval of the merger plan for Shanghai-based Chinese steelmaker Baoshan Iron & Steel Co. Ltd (Baosteel) and Hubei -based Wuhan Iron and Steel Co. Ltd (Wuhan Steel), both subsidiaries of China Baowu Iron & Steel Group (China Baowu Steel Group) - the newly-formed merger of Baosteel Group and WISCO Group.