Hangzhou Steel expects its net profit for 2010 to indicate 100-150 percent rise

On January 24, Hangzhou-based Chinese steelmaker Hangzhou Iron and Steel Co., Ltd (Hangzhou Steel) announced that it expects its net profit for 2010 to indicate a 100-150 percent year-on-year increase, from a net profit of RMB 147 million ($22 million) in 2009.
 
Hangzhou Steel stated that the increase in its net profit resulted from the optimization of its product mix and the decline in its purchase costs.