Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. Ltd (Hebei Steel), listed subsidiary of Hebei Iron and Steel Group (HBIS), has stated in its preliminary financial report for 2017 that it achieved an operating revenue of RMB 115.703 billion ($18.25 billion) in the given year, up 55.2 percent year on year, while it registered a net profit of RMB 1.86 billion ($0.29 billion), up 19.55 percent year on year.
The company stated that its profitability in 2017 was lower than the average profitability level in the Chinese steel industry due to production cuts and strict environmental protection measures in Hebei Province.