In the first half of the current year, Henan Province-based Chinese steelmaker Anyang Iron & Steel Group Co., Ltd's sales revenues reached RMB 20.69 billion ($3.056 billion), while its net profit amounted to RMB 110 million ($16.25 million). In the same period, Anyang Iron and Steel produced 4.48 million mt of crude steel, 4.51 million mt of pig iron and 4.25 million mt of finished steel.
"Currently, profit in the whole steel industry is low" said Anyang Iron & Steel chairman Wang Ziliang. While remarking that last week Chinese domestic steel prices had risen again, Mr. Wang said that the rising trend could not be maintained due to the imbalance between supply and demand.
Meanwhile, Anyang Iron & Steel also stated that it has established long-term cooperative relationships with several coal suppliers, and has established a 1.2 million mt pellet project with Brazilian iron ore miner Vale. The steelmaker stated that it has also built up an intensive processing and distribution base on its own.
(US$1 = RMB 6.77)