Steel firms' profits increase after capacity cuts help reform sector

Editor:Sharon Lee
Updated:2018-03-26 09:40:10

  Outdated supply down while metal quality, prices, profitability, shares all rise

  BEIJING - China's listed iron and steel producers have posted strong profits for 2017 as the country's production capacity cuts reduced outdated supply and led to rising steel prices.

  In an annual report filed with the Shanghai Stock Exchange on March 12, Xinjiang Bayi Iron and Steel Co said its net profit surged more than 30 times last year to 1.17 billion yuan (about $185 million). Its operating revenue rose 69.44 percent to 16.76 billion yuan.