December 02, 2008

Tonghua Steel sales revenue in H1 reaches CNY 17 billion

It is reported that Jilin based Tonghua Iron & Steel Group Co Ltd has reaped sales revenue of CNY 17.08 billion in the H1 of 2008 with pre tax profit of CNY 2.39 billion and profit of CNY 1.35 billion.

Tonghua is one of the largest steel complexes in Jinlin province and ranks No 163 in China's manufacturing industry, with annual capacity of 7 million tonnes of crude steel. The steelmaker is ambitious to achieve 10 million tonnes of crude steel capacity per annum in the coming years.

Tonghua Iron & Steel Mining Co Ltd, a subsidiary of TGGC, has spent AUD 13.93 million to buy a 9.99% stake in Australian IMX in January 2008 and becomes its largest shareholder.