Anhui Province-based Chinese steelmaker Masteel has announced that it expects to register a net profit of RMB 4.14 billion ($0.65 billion) for 2017, up 236.86 percent compared to the net profit of RMB 1.229 billion it recorded in 2016.
Masteel stated that the elimination of low-grade construction steel capacity and production cuts in the given year contributed to the rising trend of finished steel prices in China. Against this backdrop, the company improved its management and lowered its costs, thereby ameliorating its performance in the given year.