Angang Steel Company Limited provided group earnings guidance for the year ended December 31, 2016. For the year, the company expects net profit attributable to shareholders of the company of approximately RMB 1,610 million or 0.223 per basic share. For the year 2015, the company reported net loss attributable to shareholders of the company of RMB 4,593 million or 0.635 per basic share. In 2016, by leveraging the favourable opportunities brought about by the turnaround of the steel market, the company implemented a series of measures for lowering cost and enhancing efficiency to improve the company's profitability. Such measures primarily included the following: enhancing the comprehensive sales price of steel products by exerting increased efforts for product restructuring; reducing processing costs by further promoting cost reduction in a systematic way; reducing various expenditures by strengthening budget control; and reducing comprehensive procurement costs by means of timely purchases and the combination of futures and spot commodities.