Deng Qilin, general manager of Hubei Province-based Chinese steel producer Wuhan Iron and Steel (
WISCO), has stated that in
China's 11th five-year plan period (2006-10) the group produced a total of 120 million mt of
pig iron, 125 million mt of
crude steel and 120 million mt of finished steel, rising respectively by 177 percent, 175 percent and 202 percent as compared to the 10th five-year plan period (2001-2005).
Meanwhile, as previously reported by SteelOrbis, in the 2006-2010 period
WISCO's sales revenue and net profit respectively amounted to RMB 587.6 billion ($89.57 billion) and RMB 27.4 billion ($4.18 billion), increasing by 251 percent and 42 percent compared to the 2001-2005 period.
In addition, Mr. Deng stated that
WISCO reorganized three steel companies during the 2006-10 period, i.e., Echeng Iron and Steel Company, Kunming Iron and Steel Company and Liuzhou Iron and Steel Company. With these reorganizations, the group managed to reduce its purchase costs by authorizing the three companies to procure raw materials from their local areas.
WISCO has increased its annual
crude steel production capacity by 3.4 times to 40 million mt as compared with the end of the 2001-05 period.