Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced its preliminary results for 2018, stating that its net profit for the year will reach RMB 1.08 billion ($0.16 billion), compared to the net profit of RMB 0.421 billion it recorded in 2017.