SteelOrbis Shanghai
On April 12 Shougang announced its 2007 annual report and its first quarterly report for 2008. Due to the strong demand for steel and rising product prices, Shougang registered a 40 percent rise in its net profit in 2007 and has seen a continuation of this upward trend in the first quarter of 2008.
According to its 2007 annual report, Shougang registered a total turnover of RMB 27.321 billion ($3.91 billion) and a net profit of RMB 610 million ($87 million) during the year in question, with respective increases of 11.18 percent and 39.38 percent year on year.
In 2007, Shougang produced 4.2949 million mt of pig iron, 4.9682 million mt of crude steel and 4.8011 million mt of finished steel. During the period in question, Shougang exported 510,800 mt of steel. Meanwhile, the producer's average sales price of finished steel increased by 12.62 percent and the average sales price of semis increased by 7.59 percent.
Shougang also declared that in 2007 its R&D efforts were focused on products such as bearing steel, high strength sucker rod steel, high strength cold heading steel and gear steel. The producer also stated that its sucker rod steel, alloyed bonding wire and 82B high quality carbon wire rod have already claimed one-third shares in the Chinese domestic market.
In addition, according to the producer's first quarterly report for 2008 which was released simultaneously with the 2007 annual report, Shougang continued its upward trend of 2007 during the period in question, registering a net profit of RMB 198 million ($28 million) with an increase of 40.36 percent year on year.