On January 17, Anhui Province-based Chinese steelmaker Magang Group (Masteel) published a report estimating that the net profit attributable to shareholders of the listed company will indicate a 50 percent increase in 2010 as compared to 2009.
In 2009, the net profit attributable to shareholders of Magang Group was RMB 392 million ($59.6 million), with earnings per share of RMB 0.051 ($0.008). Magang Group has not yet announced a specific net profit figure for 2010.
Although prices of iron ore and other raw materials rose in 2010, putting pressure on Magang Group, the company said that, by adjusting its product mix, increasing its quality and lowering operational costs, it succeeded in increasing its profit.