Sichuan Province-based Chinese steel producer Pangang Group has stated that, despite the difficult situation in the steel industry, its subsidiary Xichang New Steel Enterprises Co. managed to turn a profit in the first half of the current year. Accordingly, Xichang New Steel Enterprises recorded a gross profit of RMB 83 million ($13.1 million) and an operating revenue of RMB 1.86 billion ($293 million) for the period in question.
In the first six months, Xichang New Steel Enterprises produced 394,300 mt of pig iron, 444,800 mt of finished steel products and 1,445 mt of vanadium pentoxide.