Guangxi Province-based Chinese steelmaker Liuzhou Iron & Steel Co., Ltd. (Liuzhou Steel) has announced that its net profit is expected to amount to RMB 340-400 million ($47.6-55.9 million) in the January-June period this year, up 530-641 percent year on year compared to the net loss of RMB 62.36 million ($8.7 million) recorded in the same period last year.
The company stated that it has improved the management and reduced the purchasing costs of raw material in the first six months this year, resulting in the improvement of its net profit.