Angang announces plans for 2006

Friday, 30 December 2005 14:43:00 (GMT+3)   |  
       

Angang announces plans for 2006

SteelOrbis Shanghai Anshan Steel (Angang) recently announced 2006 production and sales targets. The company plans to produce 15 million metric tons of pig iron, 15 million metric tons of crude steel and 14 million metric tons of finished steel in 2006. Furthermore, it also plans to export 2 million metric tons of finished steel with RMB 66 billion ($8.18 billion) sales revenue and a net profit of RMB 9 billion ($1.12 billion). In order to achieve these goals, Angang will: 1. Develop strategies to ensure smooth operation of western projects and strive for becoming one of the top three companies in technical and economic indices. 2. Develop mines to reach 80 percent self-sufficient rate in iron ore concentrate goal and to be able to produce 67.4-percent grade, and lower iron ore production costs by more than 10 percent. 3. Export its production technology and rolling equipment after upgrading them through restructuring. Angang's 2005 export volume is estimated at 1.8 million metric tons. The export volume of the company was large in the first half of the year but shrank in the second half. Its hot rolled product exports to South Korea were affected by Brazilian products. The target of two million metric tons export volume indicates just 10 percent year on year increase. Angang plans to increase its crude steel output by three million metric tons in 2006. Its 2005 crude steel output is likely to be around 12 million metric tons, up slightly less than 7 percent which is below the nationwide industry average. In 2005, output of Tangshan Steel, Shougang, Shagang, Laiwu Steel and Jinan Steel exceeded 10 million metric tons. Therefore Angang may not be the second largest steelmaker of China next year unless it increases crude steel production in 2006 .

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