Hebei Province-based Chinese steelmaker Handan Iron and Steel Group (Handan Steel), a subsidiary of Chinese steel giant Hebei Iron and Steel Group, has announced its production targets for 2011.
Accordingly, in 2011 Handan Steel aims to produce 12.2 million mt of pig iron, 12 million mt of crude steel and 11.18 million mt of finished steel products. In addition, Handan Steel's targeted output volume of newly-developed products in 2011 is 2.65 million mt. Furthermore, Handan Steel is aiming to achieve sales revenues of RMB 65 billion ($9.89 billion) and a net profit of RMB 800 million ($121.58 million) in the year in question.
Commenting on the targets, Handan Steel general manager Peng Zhaofeng stated that in 2011 the steel producer plans to adjust its structure, accelerate project construction, develop new management modes, increase innovation and raise its energy efficiency.