Shagang's iron and steel making project commissioned

Shagang’s iron and steel making project commissioned

According to recent news in the market, Chinese steel producer Shagang's 6.5 million tons iron and steel making project has commissioned. The project is a part of 6.5 million tons hot rolled steel sheet project. Currently, the total assets of the company are Yuan 24.7 billion ($2.9 billion) and the company has an annual pig iron production of 9 million tons, crude steel production of 13 million tons and finished steel production of 12.5 million tons. Shagang produced 2.61 million tons of pig iron, 4.83 million tons of crude steel and 4.67 tons of rolled steel products in the first nine months of the year. Moreover the company recorded sales income of Yuan 20.8 billion ($2.5 billion) and recorded a profit of Yuan 1.95 billion ($235 million) in the subject period, up by 47% and 65% against the previous year figures, respectively.