WISCO expects 17.4 percent rise in net profit in 2011

Hubei Province-based Chinese steel producer Wuhan Iron and Steel Group (WISCO) has announced its preliminary steel production data for the current year.
 
Accordingly, in 2011 the company produced an estimated 35.57 million mt of pig iron, 37.65 million mt of crude steel and 37.36 million mt of rolled steel, up 3.2 percent, 3.0 percent and 3.7 percent year on year respectively. Meanwhile, the sales revenue and net profit of the company are expected to register increases of 14.3 percent and 17.4 percent compared to the previous year.
 
WISCO has not yet revealed specific figures for its sales revenue and net profit for the current year. Its sales revenue and net profit for 2010 totaled RMB 18.5 billion ($2.9 billion) and RMB 3 billion (472 million) respectively.