Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has announced that it expects to register a net profit of RMB 0.9-1.0 billion ($132.4-147.1 million) for the first half of the current year, compared to the net loss of RMB 945.62 million ($139.1 million) recorded in the same period last year.
Hunan Valin Steel stated that the supply-side reform including elimination of outdated capacity and low-grade construction steel production have contributed to the rising trend of finished steel prices, resulting in an improvement in the company’s operating performance.