Hunan Province-based Chinese steelmaker Lianyuan Iron and Steel Co. (Lianyuan Steel), a subsidiary of Hunan Valin Iron and Steel Group, has announced that it achieved a net profit of RMB 28 million ($4.459 million) in April this year, following seven consecutive months of losses.
In April, Lianyuan Steel's cost of producing molten iron indicated a decline of RMB 325/mt ($51.75/mt) as compared to December last year, while savings on electricity costs when the same months are compared total RMB 1 million per day. Meanwhile, over the January-April period of the current year Lianyuan Steel reduced its debt burden by RMB 2.476 billion ($394 million).