On March 19, Shandong Province-based Chinese steelmaker Jinan Iron and Steel Co. (Jinan Steel), a subsidiary of Shandong Iron and Steel Group, has announced it will be renamed Shandong Iron and Steel Co. Ltd, effective as of March 22 this year.
Meanwhile, Jinan Steel has also issued its annual report for 2011. In the given year, the net profit of Jinan Steel totaled RMB 52.82 million ($8.384 million), down 37.38 percent year on year, while its operating revenue totaled RMB 32.185 billion ($5.109 billion), up 4.7 percent on year-on-year basis.
Furthermore, Jinan Steel has also announced that it has successfully developed X80 grade steel plate of 22 mm thickness and S355NL steel plate of 220 mm thickness made to EN10160 standard. The products in question will be exported to Norway for application in the anchor plates of bridge towers. At present, Jinan Steel has an annual production capacity of 5.5 million mt of steel plate produced by three plate production lines, i.e., a 2,500 mm medium plate line, a 3,500 mm thick plate line and a 4,300 mm wide and thick plate line.