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Maanshan Iron expects to swing to 9-month profit

Maanshan Iron & Steel Co. Ltd. expects to swing to a net profit attributable to equity shareholders of 757 million Chinese yuan for the nine months ended Sept. 30, from the net loss of 2.58 billion yuan in the corresponding year-ago period.

The expected turn to profit is being attributed to efforts in promoting sales and optimizing product mix as well as to effective cost-cutting measures, the company said Oct. 11.

As of Oct. 11, US$1 was equivalent to 6.73 Chinese yuan.