Panzhihua Steel’s Q1 sales revenue RMB 7.55 billion
In the first quarter of 2005, the Chinese Panzhihua Steel's sales volume of both steel products and vanadium and titanium products reached 1.52 million tons. Along with sales of vanadium and titanium products, the total sales revenue reached RMB 7.55 billion, while the net profit reached RMB 511.89 million ($912 million), laying solid foundation for the company to realize whole year profit objective. From the year beginning of 2005, the surging price of coal and iron ore along with the production cut in the No.4 blast furnace, Panzhihua Steel produced less iron and steel output for the first quarter of 2005, meanwhile, sales of finished steel products were also limited. On the other hand, the high price level for finished steel products and vanadium and titanium products, especially the continuous surging price for vanadium products offered better profit-margins for the company.