Shanxi Province-based Chinese stainless producer Taigang Stainless Steel Co. (Taigang Stainless Steel), a listed subsidiary of Taiyuan Iron and Steel (Group) Co. (TISCO), has announced that it expects to register a net profit of RMB 4.4-4.9 billion ($0.689-0.767 billion) for 2017, indicating a significant rise compared to a net profit of RMB 1.14566 billion in the previous year.
Taigang Stainless Steel stated that the elimination of low-grade construction steel capacity and the production cuts implemented in China in the given year contributed to the rising prices in the finished steel market. At the same time, the company improved its management, which also contributed to its better operating performance in the given year.