Hunan Valin Group posts 24.7% profit increase for H1 2008

Thursday, 14 August 2008 15:24:27 (GMT+3)   |  
       

SteelOrbis Shanghai

In H1 2008, Hunan Valin Iron and Steel Group produced 5.6 million mt of steel, achieving sales revenue of RMB 34.4 billion ($5 billion) and a net profit of RMB 1.86 billion ($271 million), up 43.6 percent and 24.7 percent respectively year on year.

Meanwhile, Hunan Valin Group boosted its gross profits by more than RMB 1 billion by increasing the variety of high-priced and premium grade flat products. By accelerating research and development, for the period in question Hunan Valin Group's high-priced and premium grade flats and rods constituted 96 percent and 94 percent respectively of the producer's total outputs of flats and rods.

Furthermore, the producer has successfully developed many premium grade flat products such as X70 transmission bar, steel for offshore oil drilling platforms and Q690D high-strength steel, as well as some rods including steel for bead wire. From January to June this year, Hunan Valin Group produced 740,000 mt of key products including hot rolled thin strip, semi-processed electrical steel and cold rolled DQ. In addition, Valin Hengyang SteelTube Group successfully developed a great number of new products including torsion-resistant casing pipe and anti-corrosion casing pipe.


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