Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Co. (Liuzhou Steel) has announced that it expects its net profit for 2017 to increase by RMB 2.25-2.57 billion ($0.35-0.40 billion) compared to the net profit of RMB 196 million recorded in 2016.
Liuzhou Steel stated that the elimination of low-grade construction steel capacity contributed to the rising trend of finished steel prices in 2017. Meanwhile, the company also improved its management and did its best to lower costs in the given year, contributing to the rise in its net profit.