On January 31, Chinese steelmaker Chongqing Steel announced that its sales revenue and net profit in 2009 reached RMB 15.6 billion ($2.28 billion) and RMB 320 million ($46.87 million) respectively, while the total value of its assets at the end of the year stood at RMB 38 billion ($5.57 billion), up 46 percent year on year. In 2009, the company produced 3.24 million mt of pig iron, 3.29 million mt of crude steel and 3.23 million mt of finished steel.
Costing a total investment of around RMB 24 billion ($3.52 billion), Chongqing Steel's Phase I relocation project, which will have an annual capacity of 6.5 million mt of crude steel, is expected to be completed by the end of 2010.