In 2010, Chinese special steel producer Fangda Special Steel Technology Holding (Fangda Special Steel) realized a sales revenue of RMB 12.1 billion ($1.85 billion), up 10.97 percent, its pre-tax profit amounted to RMB 750 million ($115 million), rising by 88.44 percent, while its net profit came to RMB 400 million ($61.3 million), marking an increase of 685.15 percent, all compared to the corresponding period of 2009 - according to the China-based website Dajiang. At the same time, annual production of the company's principal steel product, flat spring steel, amounted to 869,400 mt, climbing up by 29.52 percent year on year. Fangda Special Steel has a share in excess of 46 percent of the domestic market for the product in question.
In the first quarter of the current year, the sales revenue of Fangda Special Steel was RMB 2.918 billion ($447 million), up 1.74 percent, its pre-tax profit stood at RMB 352 million ($53.9 million), rising by 55.27 percent, and its net profit was RMB 136.9 million ($21 million), up 7.43 percent, all on year-on-year basis.
Meanwhile, Fangda Special Steel stated that it plans to produce annual volumes of 2.7 million mt of pig iron, three million mt of crude steel and 2.95 million mt of finished steel products by 2015. The sales revenue of the company is expected to reach RMB 15 billion ($2.3 billion) by 2015.