Beijing-based Chinese steelmaker Shougang Iron and Steel Co. (Shougang) has announced that it expects to register a net profit of RMB 1.75-1.81 billion ($0.26-0.27 billion) for the first nine months of the current year, compared to a net profit of RMB 137 million in the corresponding period last year.
Shougang stated that in the first nine months of this year China’s steady economic growth and the supply-side reforms implemented in its steel industry contributed to increased finished steel prices and rising profitability in the overall domestic steel industry. In addition, Shougang reduced its costs, adjusted its product structure and improved its management, thus achieving an increased net profit in the first nine months of the year.