In the first quarter of this year, Shanxi Province-based Chinese steelmaker Taiyuan Iron and Steel (Group) Co., Ltd (TISCO) produced a total of 2.642 million mt of steel, up 4.22 percent, including 713,400 mt of stainless steel, up 45.47 percent, both on year-on-year basis. Meanwhile, the company's operating revenue for the quarter reached RMB 26.72 billion ($3.918 billion), up 59.06 percent, net profits reached RMB 507 million ($74.3 million), up 165.17 percent, and pre-tax profits amounted to RMB 971 million ($142 million), up by 476.12 percent, all on year-on-year basis. Meanwhile, the company's steel export volume in Q1 increased by 465.49 percent year and its stainless steel export volume rose by 381.83 percent, both compared to the same quarter of the previous year.
In its statement, TISCO Group said it intends to further improve product structure, targeting further development in relation to high value-added and high-end products. In addition, TISCO Group stated its products have registered increasing shares in the European, North American as well as Asia-Pacific markets.