Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co., Ltd (Nanjing Steel) has issued its financial forecast report for the first half of the current year, forecasting that its net profit owned by shareholders of the listed company in the given period will increase to RMB 2.261 billion ($0.35 billion), up by 102.67 percent year on year.
The company stated that steel profitability improved amid the continuous recovery in China’s economic development in the given period.