Shanxi Province, China-based steelmaker Taiyuan Iron and Steel Group (Taiyuan Steel) has stated that it aims to double its annual operating revenue to RMB 200 billion ($29.5 billion) by the end of China's 12th Five-Year Plan (2011-2015).
Li Xiaobo, president of Taiyuan Steel, said that the company would continue to accelerate the development of its stainless steel business, while it will also speed up the construction of iron ore mines. In 2008, Taiyuan Steel started the construction of the Lvliangjia iron ore mine in Shanxi Province which was found to have total reserves of 1.2 billion mt. The project is expected to be completed by 2011. The mine is expected to produce 22 million mt of iron ore and 7.5 million mt of ore concentrate per year after it comes on stream.