According to its newly-released annual financial report for 2009, Anhui-based Chinese steel producer Magang registered an operating revenue of RMB 51.86 billion ($7.6 billion) for the year in question, down 27.22 percent compared with the previous year. In addition, the company posted a net profit of RMB 392 million ($57.42 million) in 2009, 44.74 percent lower than 2008.
In 2009, Magang produced 12.84 million mt of pig iron, 13.38 million mt of crude steel and 12.69 million of finished steel, more or less neutral compared with 2008.
Meanwhile, in 2010 Magang plans to produce 13.47 million mt of pig iron, 14.30 million mt of crude steel and 13.47 million mt of finished steel.