In 2010, the recovery of the Chinese steel industry resulted in improved business performances of many listed steelmakers in China. 18 listed steelmakers in China, all of which have issued their annual reports for 2010, achieved an aggregate net income of RMB 9.497 billion ($1.44 billion) for the year, up 13.27 times over the total 2009 figure. Many of the steelmakers expect demand in 2011 will keep on increasing. However, the steelmakers also anticipate that rising costs could eat up their profit margins in 2011.
Magang (Group) Holding considers that in 2011 the world economy will continue its recovery and that Chinese domestic demand for steel will increase further. In 2011, the company plans to produce 13.55 million mt of pig iron, 14.38 million mt of crude steel and 13.58 million mt of finished steel.
In 2011, Nanjing Iron&Steel Holding Company is targeting sales revenues of RMB 33.4 billion ($5.1 billion) and a fixed assets investment of RMB 2.558 billion ($0.39 billion).