Panzhihua posts RMB 151 million profit in February

Panzhihua posts RMB 151 million profit in February

China’s Panzhihua Steel Group shrugged off rising raw material and energy costs to post a RMB 151.01 million ($18.25 million) profit in February 2005. Panzhihua’s February profits bettered company projections by 50%. The group’s profit through the first two months of 2005 was RMB 299.42 million, RMB 99.42 million above the company’s target. Panzhihua is one of the world's three largest vanadium producers. In May 2000, the company became China’s first producer of high-carbonvanadium alloy high-speed rail steel. The group’s rail steel is designed to accommodate trains traveling at speeds up to 200 kilometers per hour.