Taigang Stainless posts over 73% net profit growth for 2007

Thursday, 10 April 2008 13:11:40 (GMT+3)   |  
       

SteelOrbis Shanghai

According to the 2007 annual reported issued by China's largest stainless steel mill Shanxi Taigang Stainless Steel Co. Ltd, the company's net profits reached RMB 4.25 billion ($607 million), up 73.81 percent compared with the previous year. Earnings per share last year were RMB 1.228 ($0.175).

In 2007, Shanxi Taigang Stainless Steel Co. Ltd, which is a Shenzhen-listed subsidiary of Taiyuan Iron and Steel (Group) Co. Ltd. (TISCO), produced 7.4081 million mt of iron, up 85.6 percent year on year; its steel output totaled 9.293 million mt, up 72.27 percent, of which stainless steel production accounted for 2.0255 million mt, up 82.54 percent. Also during 2007, the steel producer achieved sales revenues of RMB 81.105 billion ($11.6 billion), up 100.5 percent year on year.

In 2008 the company plans to produce 7.62 million mt of iron and 10 million mt of steel, including 2.6 million mt of stainless steel. Meanwhile, the semi-finished steel production target for 2008 is 9.74 million mt, of which 2.39 million mt will consist of stainless steel.


Similar articles

India’s SMEL acquires Mittal Corp, enters stainless steel segment

21 Dec | Steel News

Russia’s apparent stainless steel consumption up 3.2 percent in H1

09 Sep | Steel News

Turkey’s DTS Filyos to build EAF stainless steel plant project

03 Feb | Steel News

Russia approves steel export taxes, market tries to evaluate immediate effects

28 Jun | Steel News

Turkey’s Kaptan to expand product portfolio with new wire rod mill

02 Mar | Steel News

Turkey’s Çolakoğlu starts producing special stainless sheet grades

16 Oct | Steel News

India’s Welspun Corp. to diversify into iron and steel manufacturing, trading

03 Sep | Steel News

Allegheny Technologies to shutter Pennsylvania plant, citing steel tariffs

01 Apr | Steel News

Flat steel prices in local Taiwanese market - week 14

01 Apr | Flats and Slab

China imposes preliminary AD duty on certain stainless imports from EU, Japan, S. Korea, Indonesia

22 Mar | Steel News