Henan Province-based Chinese steelmaker Anyang Iron and Steel Co. (Anyang Steel) has said that it expects its net profit for 2017 to increase by RMB 1.42676-1.62676 billion ($0.22-0.25 billion) compared to the net profit of RMB 123.24 million recorded in 2016.
Anyang Steel stated that in 2017 supply-side reform and the elimination of outdated capacity in the steel industry contributed to the rising trend of finished steel prices. Meanwhile, the company's improved management also helped to boost its profitability in 2017.