On March 26, Qinghai Province-based Chinese steelmaker Xining Special Steel Co. reported that in 2012 its sales revenue totaled RMB 6.8713 billion ($1.1 billion), down 16.29 percent. while its net profit amounted to RMB 31.49 million ($5.06 million), down 90.28 percent, both on year-on-year basis, with basic earnings per share (EPS) of RMB 0.04 ($0.006).
In the given year, Xining Special Steel’s outputs of pig iron, crude steel and finished steel amounted to 1.292 million mt, 1.412 million mt and 1.312 million mt, respectively up by 12.8 percent, 1.2 percent and 0.8 percent year on year. Furthermore, in 2012 the company produced 1.56 million mt of iron ore concentrate and 741,000 mt of coke, increasing by 14.5 percent and three percent year on year respectively.
Xining Special Steel stated that the decrease in its revenue in 2012 was mainly caused by the decline in prices of finished steel and iron ore concentrate.
As for 2013, Xining Special Steel is targeting production of 1.55 million mt of pig iron, 1.538 million mt of crude steel, 1.4325 million mt of finished steel, 5.74 million mt of iron ore, 1.62 million mt of iron ore concentrate, 180,000 mt of coal and 770,000 mt of coke.