Angang Steel Company Limited provided earnings guidance for the third quarter and nine months ended September 30, 2016. For the quarter, the company expects net profit attributable to shareholders of the company approximately RMB 677 million or RMB 0.094 per basic share. For the nine months, the company expects net profit attributable to shareholders of the company approximately RMB 977 million or RMB 0.135 per basic share. The board of directors of the company announced that the company is expecting to record an increase in the net profit attributable to shareholders of the company for the nine months ended September 30, 2016 in comparison with the corresponding period of 2015. The estimated increase in the net profit attributable to shareholders of the company as compared with the corresponding period of 2015, turning loss-making into profitability, is primarily because the Company further strengthened its sales work amid fierce competition in the steel market; stepped up its effort in product restructuring; enhanced market research and analysis to grasp developments in procurement trends in a drive to reduce the procurement costs of crude fuel; continuously strengthened systematic cost reduction work and tapped into internal potential, immensely reducing production costs; and exerted tight control over expenses to significantly improve the Company's performance.