Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that in the January-September period this year it registered an operating revenue of RMB35.9 billion ($5.1 billion), down 0.89 percent year on year, and a net profit of RMB 1.25 billion ($0.18 billion), increasing by 16.7 percent compared to the previous year.
JISCO Hongxing produced 5.647 million mt of finished steel in the first three quarters of the year, completing 80.67 percent of its annual target of 7.0 million mt.
In addition to its stable production in the given period, JISCO Hongxing stated that it also further improved its technical innovation, and accelerated development of high value-added steel products. It began production of high manganese non-magnetic 20Mn23AIV steel in July. Meanwhile, JISCO Stainless Steel became the first registered brand for stainless steel futures when they were launched at Shanghai Futures Exchange in September.