Wu Dongcai, chairman of Jiangsu Province-based Chinese steelmaker Yonggang Group, has stated that over the next three years the group will invest RMB 6 billion ($878.77 million) for the elimination and upgrading of existing equipment, with emphasis on new technologies, in order to double its production and sales volumes.
Meanwhile, in 2010 Yonggang Group is targeting crude steel and finished steel outputs of 4.7 million mt, sales revenues of RMB 27 billion ($3.96 billion) and pre-tax profits of RMB 1.6 billion ($234.34 million).