Pangang Group Xichang New Steel sees net profit of RMB 260 million in 2011

Sichuan Province-based Chinese steelmaker Pangang Group has announced that in 2011 the sales revenue of Pangang Group Xichang New Steel Enterprises Co. reached a record level of RMB 4 billion ($0.632 billion), with its net profit for the year amounting to RMB 260 million ($41.07 million).
 
In the January-October 2011 period, Xichang New Steel Enterprises had achieved its full-year targets two months in advance. Its sales revenue and net profit in the first 10 months of 2011 totaled RMB 3.71 billion ($586 million) and RMB 250 million ($39.49 million), up by 12.8 percent and 21.9 percent year on year, respectively.