In its latest financial report, Shanxi Province-based Chinese steel producer Taigang Stainless Steel, a subsidiary of Taiyuan Steel Group, has stated that its total operating revenue in 2011 reached RMB 96.22 billion ($15.27 billion), up 10.35 percent year on year, while its net profit totaled RMB 1.805 billion ($286.51 million), rising by 31.54 percent from 2010.
Taigang Stainless Steel also released its quarterly financial results for the first quarter of the current year. Accordingly, in the first quarter its total operating revenue was RMB 22.64 billion ($3.59 billion), up 5.07 percent year on year, while its net profit amounted to RMB 185 million ($29.37 million), down 59 percent year on year. In 2012, Taigang Stainless Steel plans to produce 8.68 million mt of pig iron and 10.84 million mt of stainless steel products.