Hebei-based Chinese steelmaker Tangshan Iron & Steel Co. (Tanggang) has issued its financial results for 2008. The operating revenues of this steelmaker in 2008 reached RMB 57.697 billion ($8.45 billion), up 38 percent year on year, while the company's net profit dropped by 15 percent to RMB 2.063 billion ($302 million).
In light of its decision to merge with Hebei Iron & Steel Group, Tanggang stated that the company will grasp this opportunity to realize greater development. In addition, the company has stated that it is targeting production of 11.1 million mt of pig iron, 10.89 million mt of crude steel and 10.17 million mt of finished steel in 2009.
However, Tanggang is not very optimistic about its prospects in the steel market in 2009 as the company is involved in structural adjustment and product upgrading, and requires significant financial backing. At the same time, the company is currently facing a great challenge given the tightening situation in the international steel markets.