China's Shandong Province-based major flat steel and section producer
Laiwu Steel Corporation (Laigang) has announced a 79.5 percent year on year increase in its profits in 2006, which reached a total of RMB 746 million ($96.5 million). The increase in profits is mainly attributed to strong exports.
In 2006, total revenue of the company increased 22.76 percent year on year to RMB 24.32 billion ($3.15 billion). Of this figure, exports accounted for RMB 3.75 billion ($485.12 million), up 61.48 percent.
The company became the eighth biggest Chinese mill in 2006, registering 10.11 million mt in finished steel
production. However, it has no plans to expand its
production by a large scale in 2007.
Meanwhile, Arcelor-Mittal is still waiting for the government's approval to become the largest shareholder of the company.