Hebei Steel sees sharp rise in net profit in January-September

Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd has stated in its preliminary financial report for the first nine months of the current year that it will record a net profit in the range of RMB 490-510 million ($79.8-83.1 million) for the given period, up 319-336 percent year on year. In particular, Hebei Steel expects to record a net profit of RMB 157-177 million ($25.6-28.8 million) for the July-September period of this year, compared to a net profit of RMB 40.32 million ($6.6 million) in the July-September period last year.