Xilin Steel records net loss of RMB 217 million in Q1
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Heilongjiang Province-based Chinese steelmaker Xilin Iron and Steel Group (Xilin Steel) has announced that it recorded a net loss of RMB 217 million ($34.40 million) in the first three months of the current year. If the trend continues, Xilin Steel may register a net loss of around RMB 600-800 million ($94.84-126.45 million) for 2012.
Thanks to the commissioning of a 1,260 cubic meter blast furnace in April this year, the steelmaker's annual output capacity has now reached 4.50-5.00 million mt.
Meanwhile, Xilin Steel will soon start construction work on phase two of its technological innovation project. This second phase, expected to cost RMB 800 million ($126.45 million), involves construction of a 1,260 cubic meter blast furnace, a 120 mt converter and a high-speed wire rod production line with an annual output capacity of 1 million mt.