Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co.(Xinyu Steel) has announced that it expects to register a net profit of RMB 3.0-3.5 billion ($0.4774-0.5569 billion) for 2017, indicating a significant rise compared to a net profit of RMB 502.9227 million in 2016.
Xinyu Steel 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 optimized production flow, improved its management and lowered costs, resulting in its better performance in the given year.