As announced on January 17 by Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel (TISCO), in 2010 the company produced 9.59 million mt of crude steel, up 1.37 percent year on year, including 2.72 million mt of stainless steel, up 9.68 percent year on year. In addition, Taiyuan Iron and Steel's sales revenues for the year in question reached RMB 111.5 billion ($16.9 billion), with a net profit of RMB 2.5 billion ($0.38 billion).
Hu Yuting, general manager of Taiyuan Iron and Steel, commented that in 2010 the steelmaker invested more than RMB 4 billion ($0.61 billion) in three key projects, namely a stainless steel and high-alloy seamless steel pipe project, a high-strength precision steel strip project and a high-grade special steel profiles project.
In 2010, Taiyuan Iron and Steel sought to expand its presence in overseas markets. Taiyuan Iron and Steel has invested in a Turkish chrome ore mining project in collaboration with Turkey-based company CVK Group, while it has also made an investment in association with China Nonferrous Metal Mining (Group) Co. Ltd in the development of nickel resources in Myanmar.