Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co. (Bengang Steel Plates), a listed subsidiary of Benxi Iron and Steel (Group) Co. (Bengang Group), has announced in its preliminary financial report for 2016 that it expects to record a net profit of RMB 660 million ($95.93 million), compared to a net loss of RMB 3.29362 billion in 2015.
Bengang Steel Plates stated that the rising trend of finished steel prices in 2016, its improved product variety, strengthened budget controls, its increased production of high value-added products and the reduction of its overall management costs contributed to its net profit in the given year.