On July 5, Ningxia Autonomous region-based Chinese domestic steelmaker Xining Special Steel Co. announced that China Securities Regulatory Commission has approved the public issuance by the company of bonds worth not more than RMB 430 million ($67.6 million). The permission for the bond offering will be valid during 60 days from the date of announcement of approval of the offering.
In 2011, Xining Special Steel's sales revenue reached RMB 8.1 billion ($1.38 billion), up 14.8 percent year on year, while its total net profit amounted to RMB 530 million ($83.99 million), up 66 percent year on year.