Shandong Province-based Chinese steelmaker Shandong Iron and Steel Co., Ltd (Shandong Steel) has announced a net profit of RMB 1.938 billion ($0.3 billion) for 2017, compared to a net loss of RMB 599.8916 million ($93.15 million) in the previous year.
Shandong Steel stated that supply-side reform and the elimination of low-grade construction steel capacity contributed to rising finished steel prices in 2017. The company improved its management and lowered its costs, also contributing to its better performance in the given year.