On January 26, Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co., Ltd. (Xinyu Steel) announced that it expects to see a 100 percent year-on-year increase in its net profit in 2010 to approximately RMB 360 million ($54.7 million), as compared to its net profit of RMB 180 million ($27.4 million) in 2009.
Xinyu Steel said the increase in its net profit was due to the commissioning of its 1,580 mm hot rolled sheet project, the adjustment of its product mix and the improvement in product profitability.
Xinyu Steel main products include wire rod, hot rolled plate (HRP), hot rolled sheet (HRS), and other metal products.