Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) has stated that it expects its net profit for 2017 to increase by RMB 1.764-1.997 billion ($0.2761-0.3126 billion), from a net profit of RMB 665.8373 million in 2016.
Fangda Special Steel stated that the elimination of low-grade construction steel capacity and the production cuts implemented in China in the given year contributed to the rising prices in the finished steel market. At the same time, the company improved its management and lowered its costs, which also contributed to its better operating performance in the given year.