In February this year, Pangang Baima Mining, a subsidiary of Sichuan Province-based Chinese steelmaker Panzhihua Iron and Steel Group (Pangang Group), produced 363,099 mt of iron ore concentrate, equivalent to 104 percent of the target volume for the month, and with iron content of 55.26 percent, slightly higher than the targeted iron content of 55 percent, as announced by Pangang Group.
In addition, Pangang Group has also stated that in the January-February period of the current year its subsidiary Guangxi Province-based company Beihai Ferroalloy Co. recorded ferroalloy output and sales volumes of 676.56 mt and 1,267.04 mt, accounting for 17 percent and 28 percent of the respective annual targets. Meanwhile, in the given period the subsidiary’s sales revenue amounted to RMB 107.4418 million ($17.27 million) and its net profit totaled RMB 1.1639 million ($187,000).