Liaoning Province-based Chinese steel producer Lingyuan Iron and Steel Co. (Lingyuan Steel) has stated that it earned a gross profit of RMB 69.01 million ($10.937 million) in May this year, having posted losses in each of the previous seven months. Meanwhile, its steel production costs in May were down by RMB 304/mt ($48.18/mt) from the cost levels which had been predicted in early January.
Lingyuan Steel's two new 120 mt converters are still under construction - construction having started in November last year and expected to be completed in October this year. Furthermore, construction work on its 2,300 m3 blast furnace, which started last November, will be completed in late September of the current year.