October 12, 2008

Shougang reports profit of CNY 4.36 billion for 2007

It is reported that in 2007, Shougang Group had a sale income of CNY 109.0 billion topping CNY 100 billion for the first time and CNY 16.0 billion more than the initial plan up by 31% YoY. Meanwhile, the group realized profit CNY 4.36 billion in 2007, CNY 2.56 billion up by 60% YoY than that of 2006.

In 2007, Shougang produced 7.13 million tonnes of strategic products, 1.5 million tonnes than the plan and 2.38 million tonnes more than that of 2006. The ratio of strategic products reached 53.1%, and the ratio of sheet to strip came to 37.4%, both making new records.

At the same time, the group produced 1.215 million tonnes of ship plate, increasing 778,000 tonnes or 1.8 times more than that of 2006, becoming one of the top three ship plate producers.

In respect of the Shougang Jingtang Iron and Steel Project, the group also made great progresses in 2007, completing the installation of structure and shell of the blast furnace for iron melting, the construction of the structures of No 1 and 2 hot blast stoves and the coal injection plant, and the ground work of 2250 hot rolling and 1700 cold rolling plants and so on.