Shougang to increase special steel production target

Shougang to increase special steel production target

Chinese steel producer Shougang plans to produce 630'000 tons of steel products at its special plant in 2005, various sources report. The figure indicates an increase of 240'000 tons over 2004 production. The plant, which mainly produces cold rolled steel products, estimates that its sales revenue will reach Yuan 2.393 billion ($289 million) in 2005, up by Yuan 1.234 billion from 2004. Shougang's special plant also increased its profit target for 2005 to Yuan 10.11 million ($1.2 million), up by Yuan 4.46 million.