Hebei Steel indicates strong rise in Q1 net profit

Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd has stated in its preliminary financial report for the first quarter of the current year that it expects to record a net profit in the range of RMB 160-170 million ($26.1-27.7 million) for the given period, up 265-288 percent year on year, with earnings per share of RMB 0.015-0.016. In the same period last year, Hebei Steel had achieved a net profit of RMB 43.8036 million, with net earnings per share of RMB 0.004.