Jiusteel Hongxing targets 6.1 million mt crude steel in 2007

SteelOrbis Shanghai Gansu Jiu Steel Group HongXing Iron & Steel Co., Ltd.(abbreviated as Jiusteel Hongxing) issued its 2006 annual report on March 20, 2007. The company's total sales in 2006 amounted to RMB 13.5 billion (1.75 billion $) up 26.57 percent compared with the 2005 figure. Net profits in 2006 came to RMB 564.5 million ($73.14 million), down 11.14 percent compared with 2005. As regards the 2006 production figures, Jiusteel Hongxing produced 3.43 million mt of iron, 3.8 million mt of crude steel, and 2.35 million mt of finished steel. Meanwhile, Jiusteel Hongxing has also announced production targets for 2007 of 5.5 million mt of iron, 6.1 million mt of crude steel, and 3.1 million mt of finished steel. In addition, Jiusteel Hongxing aims to increase its sales in 2007 to RMB 15 billion ($1.94 billion). Jiusteel Hongxing is listed on the Shanghai Stock Exchange.