Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Corp. (
WISCO) has announced that its listed subsidiary Wuhan Iron and Steel Co. Ltd will see an estimated 50-100 percent year-on-year rise in its net profit for 2013.
According to
WISCO, the increase in net profit in 2013 was mainly due to reduced prices of raw materials and lower costs. In 2012, Wuhan Iron and Steel Co. had seen a net profit of RMB 210 million.