Shandong Province,
China-based Xiwang Group's subsidiary Xiwang Special Steel Co. has announced its financial results for 2011.
In 2011, the company's sales revenues reached RMB 8.54 billion ($1.36 billion), up 58.5 percent year on year, while its net profit totaled RMB 909 million ($144.28 million), up 84.5 percent, with earnings per share amounting to RMB 0.568 ($0.090). The increase in Xiwang Special Steel's sales revenues was due to a 33 percent rise in sales volume and a 20 percent increase in average sales prices during the given year.
Since its electric arc furnace No. 2 started commercial production in April last year, the steelmaker has increased its output of special semi-finished and finished steel.