More Chinese mills predict bumper profits for 2017

摘要

Four of China's leading steelmakers have said they expected to enjoy skyrocketing profits for 2017, according to recently announced performance predictions. The positive outlook was attributed to the spike in domestic steel prices seen last year on the back of Beijing's efforts to cut overcapacity and eliminate "illegal" induction furnace capacity. Eight mills have now forecast a combined profit of Yuan 38.38-39.60 billion ($6.07-6.26 billion) over January-December, 2017. Among these, Shanghai-listed Shandong Iron & Steel (Shangang) on Saturday predicted it would make a profit of Yuan 1.94 billion for last year compared to a loss of Yuan 600 million for the full 2016 year.