Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel Co., Ltd (Baogang) has stated that it expects its net profit to reach RMB 2.0-2.8 billion ($0.31-0.43 billion) in the first half this year, up 2,281-3,233 percent year on year.
Steel prices have indicated big increases in the given period, contributing to the improvement in the company’s performance amid upgrades in production and operational management, while it adjusted its production mix and reduced its production costs, the company statement said.
$1 = RMB 6.4757