Hebei Province-based Chinese steelmaker Hebei Iron and Steel Co. (Hebei Steel) has announced that it expects to record a net profit in the range of RMB 862.7 million-1.0145 billion ($128.19-150.74 million) for the January-September period of the current year compared to a net profit of RMB 507.52 million ($75.41 million) in the same period last year.
Hebei Steel stated that it was able to buy raw materials at low prices amid the rising trend of finished steel prices, which contributed to its increased net profit in the given period.