November 22, 2008

Angang revenue hits CNY 22.6 billion during January to May

It is reported that Henan based Anyang Iron & Steel Group achieved sales revenue of CNY 22.6 billion and pre tax profit of CNY 1.57 billion in the first five months of this year up by CNY 10.7 billion and CNY 383 million respectively from the same time last year.

As steelmaking cost has increased rapidly due to the raw materials price hikes since the year start. China tighter export tax policy also put a cap on steel products export. Profit margins of the sector have been squeezed with intensifying competition in domestic market.

Statistics show the steelmaker produced crude steel of 4.17 million tonnes up by 27.38% YoY, pig iron 3.66 million tonnes up by 33.07% YoY and finished products 3.68 million tonnes up by 33.3% YoY during January to May respectively from the same period last year and hit all-time high.