Zhejiang Province-based Chinese steelmaker Hangzhou Iron & Steel Co. (Hangzhou Steel) has announced that it expects to record a net profit of RMB 340 million ($51.28 million) for the first half of the current year, compared to the net loss of RMB 296 million in the same period last year.
Hangzhou Steel stated that its major asset reorganization and optimization of product structure amid the rising trend of finished steel prices have contributed to its net profit in the given period.