Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd, listed subsidiary of Hebei Iron and Steel Group (HBIS), has issued its preliminary financial results for 2014, announcing that it expects to achieve a net profit in the range of RMB 670-700 million ($108-113 million) for the given year, rising by between 476.7 percent and 502.5 percent year on year.
Hebei Steel stated that it focused on cost control and improving product structure in 2014, resulting in the sharp rise in the company’s profitability.