Zhejiang Province-based Chinese steelmaker Yongxing Special Stainless Steel Co. (Yongxing Special Steel) has announced in its preliminary annual report that it expects to record a net profit in the range of RMB 221.5952-265.9142 million ($32.3-38.8 million) for 2016, compared to the net profit of RMB 221.595229 million recorded in 2015.
Yongxing Special Steel stated that the rising trend of finished steel prices in 2016, the optimization of its management model and its strengthened budget controls contributed to its net profit in the given year.