Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co.(Xinyu Steel) has announced that it expects to register a net profit of RMB 1.3 billion to 1.5 billion ($0.20-0.23 billion) in the first nine months of the current year, rising by 371-443 percent compared to the net profit of RMB 275.95 million recorded in the January-September period of last year.
The company stated that supply-side reform and capacity elimination in the current year has contributed significantly to the improvement in its performance.