6 Jan 2011 09:18

TISCO targets 2011 sales revenue in excess of $18 bln

Shanghai. January 6. INTERFAX-CHINA - Taiyuan Iron Steel (Group) Co. Ltd. (TISCO), China's largest stainless steel producer, announced on Jan. 5 that it aims to generate sales revenue of RMB 120 billion ($18.09 billion) in 2011.

This year, the group plans to produce 10.26 million tons of steel, including 3 million tons of stainless steel, according to the announcement. Its primary focus this year will be stainless steel deep processing.

TISCO expects its 2010 steel output to total 9.7 million tons, including 2.75 million tons of stainless steel, respective increases of 240,000 tons and 270,000 tons. It anticipates a 2010 sales revenue of RMB 111 billion ($16.74 billion), up 9.58 percent year-on-year, and net profit of RMB 2.5 billion ($376.95 million), a year-on-year increase of 150 percent.

According to a March 11, 2009 report from Chinese-language publication Securities Daily, TISCO aims to generate sales revenue of RMB 200 billion ($30.16 billion) by the end of 2015.