As of November 8, the year-to-date crude steel production of Hunan Province-based Chinese steel producer Xiangtan Iron and Steel Co., Ltd (Xiangtan Steel) reached 6.7 million mt. In the first three quarters, the producer's net profit stood at RMB 179 million ($26.9 million).
In addition, Xiangtan Steel plans to raise its crude steel production capacity to 10 million mt in 2011 through technological upgrades.
On October 28 this year, the producer launched a production line for five meter-wide thick plate with a designed production capacity of 2 million mt. Added to its two existing production lines for 2.8 meter-wide thick plate, the annual plate production capacity of Xiangtang Steel has thus been increased to 5 million mt.