Lingyuan Steel doubles its net profit in 2010

Liaoning Province-based Chinese steel producer Lingyuan Iron and Steel (Lingyuan Steel) has announced that in 2010 it produced 3.44 million mt of crude steel - up 11.97 percent, 3.1 million mt of pig iron - up 6.71 percent, and 3.4 million mt of finished steel - up 12.95 percent, all compared with 2009.
 
In addition, in 2010 Lingyuan Steel achieved RMB 12.86 billion ($1.95 billion) in operating revenues, increasing by 35.23 percent year on year, while its net profit came to RMB 596 million ($90.7 million), a rise of 99.9 percent compared with 2009.
 
Regarding its targets for 2011, Lingyuan Steel aims to raise its crude steel output to 3.5 million mt and to increase its operating revenues to RMB 13 billion ($1.98 billion).