According to the finance report from Xiangtan Iron and Steel Group, the group realized a profit of more than CNY 1 billion during the first six months of 2008, making up the losses caused by the snow disaster at the beginning of 2008.

Xianggang almost stopped production during the snow disaster. To make up the losses, the company put more attentions on the strategic products.

On 9th April, first batch of 180 tonnes of wire rod for steel wire cord and 300 tons of wire rod for bead wire ring was delivered to the largest steel wire cord producer in the world, Bekaert Company.

The wide plate is another product with high profitability in Xianggang. In April, high grade pipeline steel, X70 steel was utilized in the gas transportation project in Middle Asia; the first batch of plate for offshore oil project was delivered to CNOOC. The high grade plate for engineering machineries was developed in May.

Till now, the wide plate from Xianggang has made fame among the consumers, and the sale prices are only lower than those of Baosteel. On 28th June, the second 3.8 meter wide plate production line launched production, which lifted the wide plate production to 2 million tonnes per year or so, accounting 90% of the output of plate and sheet.