Anhui Province-based Chinese steelmaker Maanshan Iron & Steel Co., Ltd (Masteel) has announced that it achieved an estimated net profit of RMB 150 million ($24.6 million) for 2013. In 2012, Masteel had recorded a net loss of RMB 3.863 billion.
Masteel indicated that reductions in costs, improvements in efficiency and its revised product structure provided support for its profitability in 2013.