On October 22, Sichuan Province-based Chinese state-owned steel producer Panzhihua Iron and Steel (Pangang Group) announced that in the current year up to October 15 its vanadium steel plant subsidiary, Pangang Vanadium Steel Co., produced 1.043 million mt of heavy steel rails, up 26.7 percent year on year.
In addition, in the January-September period this year, Pangang Vanadium Steel Co. achieved a net profit of RMB 137 million ($22.4 million). Meanwhile, its outputs of ferrovanadium and vanadium oxide in the given period amounted to 6,286 mt and 16,300 mt, up 8.8 percent and 3.0 percent respectively, year on year.