In its newly-published annual report for 2009, Henan Province-based Chinese steelmaker Anyang Iron and Steel Group announced a net profit of RMB 127 million ($18.61 million), up three percent year on year, as well as earnings per share of RMB 0.05.
The company said that the increase in its net profit in 2009 was caused by a decrease in operational costs, an increase in operating margins and reduced delivery costs for export products.
Meanwhile, in 2010 the company plans to produce 7.3 million mt of pig iron, 7 million mt of crude steel, and 6.7 million mt of finished steel, while it is targeting sales revenues of RMB 23 billion ($3.37 billion). In 2010, the company's fixed assets investments will amount to RMB 2.77 billion ($405.85 million), including investment capital of RMB 1.88 billion ($275.45 million) for eight newly-commenced projects and RMB 890 million ($130.4 million) for three ongoing projects. This capital will be sourced from the company's own capital, bank loans and company bonds.