In November of the current year, Hunan Province-based Chinese steelmaker Valin LY Steel Co. recorded a net profit of RMB 65 million ($10 million), compared to a net profit of RMB 23 million ($3.7 million) in October, as reported by local media sources in Hunan.
Amid sluggish steel market conditions, Valin LY Steel has made savings costs by implementing a variety of measures. In January-October, the company reduced its debts by RMB 3.108 billion ($ 498 million), resulting in a reduction of RMB 93 million ($14.9 million) in interest payments as compared to the same period of the previous year.