Xinyu Steel achieves net profit of RMB 500 million in 2010

As announced in a company statement on February 16, in 2010 Jiangxi Province-based Chinese steelmaker Xinyu Steel achieved a net profit of RMB 500 million ($75.9 million). In addition, on October 31 last year, Xinyu Steel produced its first batch of cold rolled silicon steel - marking the commencement of the production of this product in the province of Jiangxi.
 
In 2010, Xinyu Steel dismantled three 20-mt converter furnaces and relevant equipment, which represented 1 million mt of steelmaking capacity. As regards energy savings, as of mid-2010 Xinyu Steel had saved a total of around 1.12 million mt of standard coal in China's 11th five-year plan period (2011-15), surpassing the official target by 600,000 mt.