Anhui Province-based Chinese steelmaker Masteel has announced that it expects to record a net profit of RMB 450 million ($68.18 million) for the first half of the current year, compared to a net loss of RMB 1.24 billion in the same period last year.
Masteel stated that it was able to buy raw materials at low prices, while it also made improvements to company management and optimized its product structure amid the rising trend of finished steel prices in China, all of which contributed to its net profit for the given period.