Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co. (Bengang Steel Plates), a subsidiary of Benxi Iron and Steel (Group) Co. (Bengang Group), announced on January 24 that it expects to achieve a net profit of RMB 200-300 million ($33-49 million) in 2013, up 153.39-280.09 percent year on year, while in 2012, it achieved a net profit of RMB 78.9294 million ($12.9 million).
The company also stated that it has achieved continuous profitability by optimizing products, developing markets and reducing costs amid downward steel prices and fierce market competition over the past year.