Zhejiang Province-based Chinese steelmaker Hangzhou Iron and Steel Co. (Hangzhou Steel) has stated that it expects to achieve a net profit of RMB 1.788 billion ($0.28 billion) for 2017, up 146.62 percent year on year.
Hangzhou Steel stated that rising finished steel prices in the steel industry due to supply-side reform contributed to its improved performance in the given year. Meanwhile, the company improved its management and lowered its costs, which also contributed to its better profitability.