Pangang announces strong H1

Pangang announces strong H1

Southwest China's Sichuan province based Panzhihua Iron and Steel Company (Pangang) increased its steel production 5.64 percent year on year to 855'246 tons, pig iron production 5.7 percent to 703'900 tons and steel products output 9.82 percent to 845'677 tons through the first six months of 2005. Steel products sales volume of the company reached 2.65 million tons through the period. The company also sold 278'000 tons of heavy rails. The sales revenue of the company from pig iron, steel and steel products increased 22.25 percent to RMB 3.72 billion ($449 million), while its net profits increased 13.03 percent to RMB 172.38 million ($20.8 million).