Jiangsu Province-based Chinese steel producer Nanjing Iron and Steel Co. Ltd (Nanjing Steel) has announced that it expects to register a net profit of RMB 1.15 billion ($0.17 billion) for the first half of the current year, compared to a net profit of RMB 146 million in the same period last year.
The company stated that the supply-side reforms, including elimination of outdated capacity and of low-grade construction steel production, contributed to its improved operating performance in the given period.