On March 27, Shandong Province-based Chinese steelmaker Laiwu Steel Group issued its financial results for 2008. During the year in question, the company achieved RMB 39.766 billion ($5.82 billion) in sales revenue, up 20.77 percent as compared to the previous year; meanwhile, its net profit reached RMB 264 million ($40 million), down 76.86 percent from the previous year.
Turning to 2009, the company has set as its principle targets as follows: to achieve an annual production output of 4.55 million mt of pig iron, 5.25 million mt of crude steel and 6.41 million mt of commercial billets and finished steels.