Maanshan Iron & Steel Co. Ltd. said March 20 that it booked a net profit of 1.39 billion Chinese yuan in the fourth quarter of 2017, alongside revenue of 20.36 billion yuan.
Meanwhile, for full-year 2017 the Chinese iron ore miner's attributable net profit increased 236% to 4.13 billion yuan, or 53.6 fen per share, from 1.23 billion yuan, or 16 fen per share, in the same year-ago period.
Revenue during the year increased 52% to 73.23 billion yuan, from 48.28 billion yuan, due to an increase in sales price and sales volume for steel.
Meanwhile, Maanshan is seeking approval for the distribution of a cash dividend of 16.5 fen per share at the company's annual general meeting.
During the 12-month period, pig iron production increased 3.0% to 18.2 million tons, crude steel output rose 5.8% to 19.7 million tons, and steel production marked a 5.1% increase to 18.6 million tons.
For 2018, the company will cut steel- and iron-making production overcapacity by 1 million tons and 1.3 million tons per year, respectively, by decommissioning two 420-cubic-meter shaft furnaces and two converters.
As of March 20, US$1 was equivalent to 6.33 Chinese yuan.