Jiangsu Province-based Chinese steel producer Hangzhou Iron and Steel Group Co. has published its performance report for the year 2009. According to the report, the company's annual revenue amounted to RMB 15.71 billion ($2.3 billion), down 28.78 percent compared with RMB 22.061 billion in 2008. Meanwhile, net income in 2009 reached RMB 147 million ($21.53 million), more than triple the figure of RMB 36.72 million in the previous year. Earnings per share in 2009 came to RMB 0.17, up 325 percent compared with RMB 0.04 in 2008.
In 2009, Hangzhou Iron and Steel Group Co. produced 2,612,800 mt of pig iron, 3,457,300 mt of crude steel and 2,550,900 mt of finished steel products.
The steelmaker stated that the 28.78 percent in its revenue in 2009 was due to the dramatic decline in average prices of steel products in the domestic market during the year.