Hebei Province-based Chinese steel producer Hebei Steel Group (Hebei Steel) has issued its steel production and financial results for 2010.
Accordingly, in 2010 Hebei Steel continued to rank first in China in terms of its production of crude steel, which was up 6.4 percent year on year reaching 44.78 million mt. At the same time, the operating revenue of Hebei Steel in 2010 amounted to RMB 220 billion ($33.3 billion), rising by 24.3 percent compared with 2009, while its pre-tax profit for the year was RMB 8.1 billion ($1.23 billion), an increase of 33.3 percent from the previous year.
Commenting on the targets for 2011, Wang Yifang, general manager and chairman of Hebei Steel, said that the operating revenue and the pre-tax profit of the group would reach RMB 230 billion ($34.8 billion) and RMB 10 billion ($1.51 billion) respectively for the current year.