Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced in its financial report for 2017 that it achieved an operating revenue of RMB 22.46 billion ($3.56 billion) for the given year, up 59.1 percent year on year, and a net profit of RMB 3.99 billion ($0.63 billion), indicating a big increase of 330.61 percent compared to the net profit of RMB 926.5 million recorded in 2016.
Sangang Minguang stated that the elimination of low-grade construction steel capacity and production cuts in the given year eased the oversupply situation in steel industry, thus contributed to the rising trend of finished steel prices in China. Against this backdrop, the company improved the management and lowered its cost, thereby achieving the best annual operating performance since its establishment.