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 2.45-2.65 billion ($0.37-0.40 billion) for the first nine months of the current year, compared to the net loss of RMB 1.09624 billion recorded in the same period last year.
Hunan Valin Steel stated that supply-side reform including elimination of outdated capacity and low-grade construction steel production have contributed to the rising trend of finished steel prices in China, providing a good external environment for the company’s operations. Meanwhile, the company has improved management and lowered costs, resulting in its operating performance.