Sichuan Province-based Chinese steel producer Panzhihua Steel & Vanadium Co., Ltd has outlined its development targets for the period up to 2015, stating that it will focus on lowering its production costs, expanding its mix of special products and on improving product quality. By 2015 the steelmaker is aiming to reach an annual output of 6 million mt of crude steel and 20,000 mt of vanadium products, while achieving sustainable profitability.
Panzhihua Steel & Vanadium Co. currently has annual output levels of 5.8 million mt of pig iron, 5.3 million mt of crude steel, 18,000 mt of vanadium products and 3.2 billion kWh of electricity. The steelmaker said that, due to overcapacity in the Chinese domestic steel industry, some special quality products with good profit margins may lose their competitive edge. The company added that it would make the necessary adjustments in its production in order to guarantee its output targets for 2015.