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 2.05 billion ($0.31 billion) for the first nine months of the year, indicating a sharp rise compared to a net profit of RMB 228 million in the same period last year.
Nanjing Steel stated that supply-side reforms in China, including elimination of outdated capacity and of low-grade construction steel production, and the company’s improvement in management and its continuous lowering of costs contributed to its improved operating performance in the given period.