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 3.2 billion ($0.5 billion) for 2017, indicating a significant rise compared to a net profit of RMB 354 million in 2016.
Nanjing Steel stated that supply-side reforms in China, including elimination of outdated capacity and of low-grade construction steel production, and its own improvements in management and in the reduction of costs contributed to its better operating performance in 2017.