Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd (Hebei Steel), listed subsidiary of Hebei Iron and Steel Group (HBIS), has announced that it expects to register a net profit of RMB 2.15-2.43 billion ($0.32-0.37 billion) for the first nine months of the current year, up 130.35-160.35 percent year on year, compared to the net profit of RMB 933 million recorded in the same period last year.
Hebei Steel stated that rising finished steel prices in the Chinese domestic market and the optimization of its product structure contributed to its improved profitability in the first nine months of the year.