Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has announced that its net profit in the January-September period of the current year is expected to total RMB 6.847 billion ($1.0 billion), up 80.52 percent year on year.
Ansteel stated that China’s capacity cuts and environmental protection measures have exerted a positive impact on the steel market, while the company has also optimized its own products and management, contributing to the increase in its net profit in the given period.