On February 28, Hong Kong-based conglomerate CITIC Pacific, which includes special steel manufacturing and iron ore mining among its main business interests, announced its financial results for 2012.
Accordingly, in 2012 CITIC Pacific registered a net profit of HK$6.9 billion ($89.7 million), down 24.7 percent, while its operating revenue amounted to HK$93.27 billion ($12.1 billion), down 3.7 percent, both year on year. Additionally, the first production line at the company’s Sino Iron project in Western Australia has been in pilot operation since November last year and currently the first shipment is being prepared for export.
The report noted that, due to sluggish demand for steel products, CITIC Pacific’s special steel business experienced a weakening in the second half of last year, resulting in reduced profits for the company. Chang Zhenming, chairman of CITIC Pacific, indicated that company aims tostart operations at all production lines in the Sino Iron project within two years.