On April 2, Liaoning Province-based Chinese steelmaker Angang Steel Co. (Ansteel) announced that its net profit for the first quarter this year is expected to reach RMB 550 million ($88.42 million). In 2012 and 2011, Ansteel recorded respective net losses of $663 million and $2.146 billion, as previously reported by SteelOrbis. In order to reverse this loss-making situation, Ansteel targeted improvements in management and operations, focusing on issues including raw material resource allocation, sales strategy and production cost control.