On January 5, Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel Group announced that it plans to produce 10.26 million mt of crude steel in 2011, with stainless steel accounting for 3 million mt. Furthermore, Taiyuan Iron and Steel said it is targeting total sales revenues of RMB 120 billion in 2011, adding that it will continue to explore overseas markets and to focus on the development of stainless steel processing.
In the same announcement, Taiyuan Iron and Steel said that in 2010 it produced 9.7 million mt of crude steel, including 2.75 million mt of stainless steel. In 2010, the steelmaker's sales revenue reached RMB 111 billion, while it posted a net profit of RMB 2.5 billion.
Taiyuan Iron and Steel also said it is targeting annual sales revenues in excess of RMB 200 billion by 2015.