Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) has announced that its net profit for 2017 is expected to increase by RMB 1.91497 billion ($0.3 billion), rising sharply from just RMB 85.03 million in 2016.
The company stated that the improved performance of the overall domestic steel industry due to supply-side reform contributed to rising finished steel prices, which boosted the company’s profitability in the given year.