December 02, 2008

Pangang H1 profit hits CNY 848 million

China Metallurgical News reported that Sichuan based Panzhihua Iron & Steel Group (Pangang) has achieved profit of CNY 848 million and core business income of CNY 23.6 billion in H1 2008 up by 11.42% YoY and 36.67% YoY respectively. Meanwhile, it shipped out over 300,000 tonnes of products with export value of USD 265 million.

Pangang also churned out 1.47 million tonnes of HR sheet up by 5.87% YoY, 814,600 tonnes of beam and rail steel up by 2.91% YoY and 473,600 tonnes of seamless steel pipe up by 19.87% YoY respectively. Its vanadium products output has been further expanded in the time frame, with the production of vanadium trioxide and high vanadium ferroalloy reaching 29.82 million tonnes up by 4.01% YoY and 31.43 million tonnes respectively up by 109%YoY.

Pangang said that power shortage and interrupted transport resulted from the bad weather at the year start has led to 185,000 tonnes of output loss for the mill. And the May 12 earthquake also caused CNY 1.05 billion of economic loss.