Fujian Province-based Chinese steelmaker Fujian Sangang (Group) Co. (formerly Sansteel MinGuang Co.) has announced that in 2011 it produced 5.715 million mt of crude steel, while it achieved RMB 27.73 billion ($4.40 billion) in sales revenues and a net profit of RMB 712 million ($113 million).
Meanwhile, in January this year Sangang Group produced 518,000 mt of crude steel, while it recorded RMB 1.969 billion ($312.7 million) in sales revenues and a net profit of RMB 21.06 million ($3.344 million).
In particular, Sangang Group subsidiary Sangang Minguang produced 371,543 mt of crude steel in January, exceeding its targeted output. In 2012, Sangang Minguang is expected to produce 4.66 million mt of pig iron, 1.61 million mt of high-speed wire rod, and 1.86 million mt of steel bar.