In its financial report for 2011, Liaoning Province-based Chinese steel company Benxi Flat Steel, a subsidiary of Benxi Steel, has announced that its sales revenues for the given year reached RMB 50.432 billion ($8 billion), up 10.38 percent year on year, while its net profit totaled RMB 796 million ($126.25 million), down 14 percent year on year.
Meanwhile, in the first quarter of the current year Benxi Flat Steel's sales revenues totaled RMB 10.681 billion ($1.69 billion), down 0.23 percent, while its net profit amounted to RMB 88.0948 million ($13.97 million), down 71.11 percent, both on year-on-year basis.
The company stated that it does not plan to reduce production in the current year. Its output targets for 2012 are 10 million mt of pig iron, 10.25 million mt of crude steel, 9.40 million mt of hot rolled plate, 1.83 million mt of cold rolled plate and 750,000 mt of special steel.