Hebei Iron and Steel Co., Ltd (HBIS), one of the largest listed steel firms in China, expected its net profit to jump 98.23-106.85% year on year to 2.3-2.4 billion yuan ($353.85-369.23 million) in the first three quarters of 2021, said the company in a performance forecast report.
Its basic earnings are forecast to be 0.202-0.212 yuan per share, said the report.
The substantial growth in profit came as steel prices continued picking up since 2021 and the company seized the opportunity to improve production management and marketing system reform.
In the third quarter, the company's net profit is estimated to reach 779-879 million yuan, realizing basic earnings of about 0.073-0.082 yuan per share.
HBIS is an ultra large steel company in China merged from three large listed companies of Tangshan Steel Group, Handan Iron and Steel Co., Ltd and Chengde Xinxin Vanadium and Titanium Co., Ltd.
It has an annual production capacity of quality steel products at 30 million tonnes and also has a leading edge in the world in vanadium and titanium smelting and vanadium production technologies with annual vanadium production capacity of 22,000 tonnes.
(Writing by Shengnan Liu Editing by Tammy Yang)
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