Zhejiang province-based Chinese steelmaker Hangzhou Iron & Steel Co., Ltd. announced that it expects to register a net profit of RMB 168 million ($23.7 million) for 2023, decreasing by 64.99 percent year on year.
The company stated that China’s steel industry showed a situation of sufficient supply and sluggish demand in the given year, while iron ore prices stood at high levels, reducing the company’s profitability.