Hongxing Iron and Steel Co., Ltd (Hongxing Steel), a Gansu Province-based subsidiary of Chinese steel producer Jiu Steel Group, has issued its financial report for 2010, announcing a net profit of RMB 961 million ($146 million), up 194.78 percent year on year, while its earnings per share (EPS) reached RMB 0.4592 ($0.0698). In 2010, Hongxing Steel increased its operating revenue by 9.95 percent to RMB 39.525 billion ($6 billion).
In the year in question, Hongxing Steel produced 6.55 million mt of pig iron, 7.73 million mt of crude steel, and 8.07 million mt of finished steel products, increasing by 100.98 percent, 108.80 percent and 111.47 percent respectively as compared to 2009.