Shougang Co.’s operating revenue rises by 31.27 percent in H1

Thursday, 19 August 2010 17:03:40 (GMT+2)

In the first half of the current year, Beijing-based Chinese steelmaker Shougang Co. Ltd achieved an operating revenue of RMB 14.263 billion ($2.104 billion), up by 31.27 percent year on year, boosted by the increased production of cold rolled coils as well as by increased sales. Meanwhile, Shougang Co. Ltd's parent company Shougang Group saw its net profit reach RMB 55.84 million ($8.236 million) for the period in question, down by 41.14 percent compared with the same period in 2009, mainly due to higher raw material purchase prices and as crude steel output fell short of the targeted level.

During the first six months, Shougang Co.'s pig iron output reached 2.127 million mt, down by 2.59 percent year on year, its crude steel output was 2.2143 million mt, decreasing by 2.95 percent year on year, finished steel output came to 1.5872 million mt, up 10.82 percent compared with the same period last year. These output figures are respectively equal to 48.56 percent, 48.56 percent and 46.55 percent of the planned annual production volumes. Meanwhile, in the second quarter of this year, Shougang Co.'s subsidiary Shougang Shunyi Cold Rolled Plant produced 855,000 mt of cold rolled sheet, equal to 57.01 percent of the annual target and up 250,000 mt year on year.

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