On May 13, China-based high value-added steel processing company Gerui Advanced Materials Group Limited issued its financial results for the first quarter of 2010, reporting a 31.6 percent increase in its sales revenues.
In the first quarter of 2010, the company's net profit was $11.5 million, compared to a net profit of $9.1 million in the same period of 2009, increasing by 26.2 percent. Sales revenues of $61.8 million in the first quarter of 2010 saw a 31.6 percent rise from $47 million in the first quarter of 209.
Commenting on the results, Gerui chairman and CEO Mingwang Lu said, "Our production facility ran at near full capacity again this quarter to meet the increasing demand of our customers. As China's economy continues its rapid growth, the demand for our highly specialized steel products remains strong."