Xinjiang Uyghur Autonomous Region-based Chinese steel producer Yili Iron and Steel Co., Ltd (Yili Steel) has stated it aims to raise it total gross profit by at least 76 percent year on year to RMB 220 million ($33.7 million) in 2011. Meanwhile, the company has also said that its gross profit could even be doubled in 2011, reaching RMB 250 million ($38.3 million).
In addition, Yili Steel is targeting a 61 percent increase in its crude steel output in 2011, reaching 450,000 mt. Yili Steel's iron ore concentrate and coke outputs are expected to rise by 150 percent and 100 percent year on year respectively in 2011, rising to 1 million mt and 400,000 mt.
In the first three months of the current year, Yili Steel produced 87,000 mt, 89,000 mt and 85,000 mt of pig iron, crude steel and rolled steel, rising by 60.74 percent, 111 percent and 60 percent year on year respectively. Yili Steel's iron ore concentrate output in the first quarter was 165,000 mt, marking an increase of 154 percent compared with the January-March period of 2010.