Laiwu Steel and Jinan Steel post increased net profits in 2010

Shandong Province-based steelmakers Laiwu Steel and Jinan Steel, both subsidiaries of Shandong Iron and Steel Group, have released their results for 2010, stating that they achieved respective net profits of RMB 124 million ($18.9 million) and RMB 84.3535 million ($12.86 million), and up 49.79 percent and 25.91 percent year on year respectively.
 
In 2010, Laiwu Steel produced 5.21 million mt of pig iron, 6.56 million mt of crude steel and 7.73 million mt of billet, with its operating revenue reaching RMB 40.291 billion ($6.14 billion). In 2011, Laiwu Steel plans to produce 4.8 million mt of pig iron, 6.65 million mt of crude steel and 7.63 million mt of billet, and to achieve an operating revenue of RMB 40.6 billion ($.6.19 billion
 
As regarding Jinan Steel, in 2010, it achieved an operating revenue of RMB 30.741 billion ($4.69 billion). In 2011, it plans to produce 8.2 million mt of pig iron, 8.7 million mt of crude steel, and to achieve an operating revenue of RMB 37.256 billion ($5.68 million).