Sichuan Province-based Chinese steelmaker Pangang Group has announced that its subsidiary Steel Vanadium & Titanium Co. recorded a net profit of RMB 526 million ($83.45 million) in the first quarter of the current year, up 343.81 percent year on year. In the given period, its operating revenues totaled RMB 3.667 billion ($581.75 million), down 68.10 percent year on year.
In 2011, Steel Vanadium & Titanium produced 7.4623 million mt of crude steel, down 0.19 percent year on year, and 11.5508 million mt of iron ore concentrate, up 14.03 percent year on year.