November 21, 2008

Xining\'s net profit in 2007 up by 41.7%YoY

It is reported that China’s Xining Special Steel Company reported 2007 net profit of CNY 473 million up by 41.7% YoY. Sales revenue rose by 68.2% YoY to CNY5.8 billion and operating income reached CNY 507million up by 70.3% YoY compared with the 2006 figure.

As per report Xining produced 1.15million tonnes of crude steel up by 44.1%YoY increase. Followed the government’s energy saving campaign, the Qinghai Province company built two 31,500KVA transformers, four filters and four cooling towers last year which reduced coal consumption by 19 kilogram per tonne of steel produced and water from 24.6 tonnes to 7.29 tonnes.

Xining invested CNY 5.1million to develop iron ore resources within the province to take more control of its own raw material supply. The company's main products are special steel slab, plate, wire rod and bar.