Lianyuan is completing its first HR line

Lianyuan is completing its first HR line

According to the latest reports in the market, Lianyuan Iron&Steel Group located in Hunan province of China, has announced that it plans to complete HR sheet steel line with output capacity of 1.2 million tons per year by the end of 2003. The construction began at the end of last year. The line represents the first phase of sheet project of the company. The second HR line is planned to have capacity of 2 million tons per year. The construction of the second line is aimed to be completed in June, 2004. Construction of CR sheet line with capacity of 1.1million tons per year is in preparation stage. In H1 of 2003, Lianyuan Iron&Steel Group has recorded profit of Yuan 206 billion ($1.77 billion) with an increase of 18% compared to H1 of 2002. In same period, the company has also stated that its sales income is recorded as Yuan 2.32 billion (approximately $20 million) and crude steel production as 1.07 million tons.