Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang Group) has announced that in the first half of the current year it achieved a sales revenue of RMB 27.335 billion ($4.31 billion) and a net profit of RMB 1.76 billion ($278 million).
In the January-June period, Baogang Group produced 4.9474 million mt of pig iron, 5.02 million mt of crude steel and 4.6439 million mt of finished steel, down 3.32 percent, 1.61 percent and 3.33 percent respectively, all year on year. Meanwhile, its rare earth output totaled 120,000 mt in the given period.
In the first half of 2012, the finished steel export volume of Baogang Group amounted to 513,900 mt, up eight percent as compared with the same period of 2011, with an export value of RMB 352 million ($55.5 million), up two percent year on year. Baogang expects to export 1 million mt of finished steel in 2012.