Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) has announced in its preliminary financial report for 2016 that it expects to record a net profit of RMB 1.61 billion ($234 million) for the year, compared to the net loss of RMB 4.4 billion recorded in 2015.
Ansteel stated that the rising trend of finished steel prices in 2016, its improved product variety, strengthened budget control, the optimization of its procurement process and the reduction of its overall management costs contributed to its net profit in the given year.