Major Chinese steelmaker Hebei Iron and Steel Co. Ltd has announced a net profit estimate of RMB 39.34-118 million ($6.42-19.25 million) for the first half of the current year, down 70-90 percent from the net profit recorded in the corresponding period of last year.
The company stated that the big drop in its net profit was mainly caused by severe oversupply, the decline in steel prices, and competition in the steel industry.