Inner Mongolia Baotou Steel Union Co., a major steel producer, forecast that its net profits will jump 45.46 percent year on year in 2018, according to a statement the company filed with the Shanghai Stock Exchange.

Net profits are expected to hit around 3 billion Yuan (443.77 million U.S. dollars), up 937 million Yuan from the previous year.

In 2018, the company increased steel exports to countries and regions along the Belt and Road and made great efforts to develop high value-added products such as rare-earth steel, which accounted for its hefty profit margins, according to the statement.

The company’s shares closed at 1.51 yuan per share on Friday.