Shagang Group posts sales income of RMB 178.6 billion in 2010

Jiangsu Province-based steelmaker Shagang Group, China's largest private sector steel producer, achieved a sales income of RMB 178.6 billion ($27 billion) and a pre-tax profit of RMB 13.6 billion ($2 billion) in 2010, up 22 percent and 75 percent respectively year on year.
 
In 2010, despite adverse factors including higher raw material costs, Shagang Group's share of the finished steel product market increased, while the company developed 50 new varieties of high value-added steel products. Shagang Group expects that its annual sales turnover will be in the range of RMB 200-250 billion ($30.4-38 billion) in the China's 12th five-year plan period (2011-16).
 
In addition, Shougang Group's self-sufficiency in terms of iron ore supplies has reached 20-30 percent, while the company aims to be 50 percent self-sufficient in iron ore supplies by the end of the 12th five-year plan period.