Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has stated in its preliminary 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 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 contributed to the rising trend of finished steel prices in China. Against this backdrop, the company improved its management and lowered its costs, thereby ameliorating its performance in the given year.