Year to date up to Novermber 21, Chinese steelmaker Xiangtan Iron and Steel Corporation, a subsidiary company of Hunan Valin Steel Co., Ltd, produced more than 7 million mt of crude steel. It is expected that the producer's total crude steel output in 2010 will reach 8 million mt, its sales revenue for the year is expected to reach RMB 35 billion ($5.26 billion), with net profit reaching RMB 600 million ($90.22 million).
Xiangtan Iron and Steel Corporation's upgrading project for the 11th five-year plan period (2006-2010) will be completed at the end of the current year, with Xiangtan Iron and Steel's heavy plate output capacity reaching five million mt per year, the largest in the world for heavy plate.
In the 11th five-year plan period, Xiangtan Iron and Steel invested RMB 1.148 billion ($0.172 billion) in projects aimed at saving energy and reducing emissions. At the end of 2010, the construction of phase 2 of the company's water recycling project will be completed and in H1 2011 all waste water of the company will be recycled. Meanwhile, the company now produces 30 percent of the electricity it uses for steel production.