Guangxi Zhuang Autonomous Region-based Chinese steelmaker Liuzhou Iron and Steel Group (Liuzhou Steel Group) has announced in its quarterly analysis that it expects to record a net profit of RMB 15.40 million ($2.38 million) for the first quarter of the current year, compared to a net loss of RMB 327 million in the same period of 2015.
Liuzhou Steel Group stated that in the given period it was able to buy raw materials at low prices, while it also made improvements to company management, both of which factors contributed to its net profit for the given period.