Zhejiang province-based Chinese steel producer Hangzhou Iron and Steel Co., Ltd has announced that its net profit for 2021 is expected to amount to RMB 1.669 billion ($0.26 billion), up 47.31 percent year on year.
In 2021, the Chinese steel industry performed well, resulting in the year-on-year rise in steel prices. At the same time, Hangzhou Steel implemented its operating strategy of low production costs and high efficiency, contributing to the big growth in its net profit for 2021.