December 02, 2008

Yonggang H1 sales revenue reaches CNY 14.5 billion

It is reported that Jiangsu Yonggang Group has achieved steel making of 2.09 million tonnes up by 9.42% YoY and steel rolling of 2.04 million tonnes 7.94% during January to June respectively with sales revenue of CNY 14.5 billion up by 29.46% YoY and pre tax profit of CNY 1.4 billion up by 40% YoY.

Jiangsu Yonggang has maintained the strong upward momentum at the first half. And has spent CNY 70 million to improve its production technique in the period, and has finished the technical innovation for 33 items including the reconstruction of its 1# blast furnace and the electromagnetic stirring for the 3# converter etc.

Jiangsu Yonggang has spent CNY 150 million renovating 11 items like lime plant and gas pipeline network project etc, which lessened the emission of dusty gas and energy consumption and improved recycling rate of natural gas. And its power consumption, value added energy consumption and the energy consumption out of each crude steel tonnage has fallen 13.85% YoY, 12.1% YoY and 4.79% YoY respectively.

Its Liaoning based Beipiao project also comes into full construction in the period. And the 1.2 million tonnes per year pellet project construction has completed. The first batch of 800 tonnes of pellet has been rolled out on July 3rd. And the Lianfeng Mining Co and Yongfeng Mining Co which also within the Beipiao project has produced 213,000 tonnes of iron ore and 45,000 tonnes of ore concentrate in the first half.

(Sourced from MySteel.net)