Laiyang Steel’s sales revenue rises 15 percent in first quarter
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Shandong Province-based Chinese steel producer Laiyang Iron and Steel (Laiyang Steel) has stated that in the first quarter of the current year it achieved a sales revenue of RMB 263 million ($41.75 million), up 15 percent compared to the first quarter of 2011. Meanwhile, its gross profit in the first quarter this year amounted to RMB 45.02 million ($7.15 million), down from RMB 83.03 million (13.18 million) in the first three months of last year.
In the given quarter, Laiyang Steel produced 2.19 million mt of crude steel, 2.27 million mt of finished steel and 2.3 million mt of pig iron. In addition, it sold 75,000 mt of coking products (coke, coke chemicals and coal tar) in the first quarter, up 10 percent year on year.