Longs producer Maanshan increased net profit by 84.5%

Longs producer Maanshan increased net profit by 84.5%

Maanshan Iron and Steel Co Ltd, one of the major steelmakers in China, posted a net profit of Yuan 384 million($44.9 million) this year, which is 84.5% higher than the previous year. In 2002 company increased its pig iron by 6% up to 4.93 million tonnes, while crude steel production reached to 5.38 million tonnes and rolled steel production to 5.14 million tonnes with a 13% and 16% increase respectively. 2002 was a successful year for Maanshan as sales grew and totalled to Yuan 10.97 billion ($ 1.3billion) with a 14.9% increase when compared to year 2001. Company, located in the eastern of Anhui, is aiming to increase production of pig iron to 5.05 million tonnes, crude steel to 5.52 million tonnes and rolled steel to 5.15 million tonnes.