November 20, 2008

Xinyu Steel performance in H1 of 2008

It is reported that Xinyu Iron & Steel Co Ltd has produced 4.69 million tonnes of iron in H1 of 2008 up by 4.94% YoY, 5.64 million tonnes of crude steel up by 10.92% YoY and 5.35 million tonnes of finished products up by 13.2% YoY respectively with sales revenue of CNY 22.7 billion and profit of CNY 1.1 billion up by 30.91% and 175.3% respectively.

Xinyu Iron & Steel is target to yield 5.3 million tonnes of iron, 6.45 million tonnes of crude steel and 6.07 million tonnes of finished products in 2008 and achieve sales revenue of CNY 26 billion and profit of CNY 1.2 billion.

Currently, the mill can produce 3 million tonnes of medium plate per annum, with the ratio of high value added products hitting nearly 90%. It also ranks No 1 in terms of boiler and container plate production in the country. Its ship plate has been accredited by 9 countries classification society.

Xinyu Iron & Steel Co Ltd is a large state owned steel complex in Jiangxi province with total assets of CNY 21 billion and ranks No 23 in China's steel industry and No 56 at the global steel sector in terms of steel output last year.