In spite of the global financial crisis and the situation of production overcapacity in China, Henan Province-based steelmaker Wuyang Steel acheived its targeted results for 2009. Wuyang Steel produced 2.4 million mt of crude steel and 2.1 million mt of steel plate in 2009, achieving sales revenues of RMB 10.3 billion ($1.51 billion) for the year, with its net profit totaling RMB 120 million ($17.57 million).
During last year, the producer's sales volume of newly-developed products amounted to 116,000 mt, more than double the previous year's level of 47,000 mt.