26 Apr 2010 11:53

Shagang Group's sales revenue up 43 pct in Q1

Shanghai. April 26. INTERFAX-CHINA - Jiangsu Shagang Group (Shagang), China's largest privately-run steel mill, generated a sales revenue of RMB 41.3 billion ($6.05 billion) in the first quarter of 2010, up 43 percent year-on-year, state media reported on April 26.

According to a Zhangjiagang Daily report, Shagang produced 5.67 million tons of pig iron, 6.79 million tons of crude steel and 6.44 million tons of rolled steel products in the first quarter, up 14, 15 and 24 percent respectively.

Meanwhile, an industry insider who is closely linked to the company, told Interfax that Shagang generated a net profit of RMB 1.3 billion ($190.44 million) in the same period.

Xinjiang Bayi Iron and Steel co. Ltd, a Xinjiang-based subsidiary of Baosteel, and Jinan Iron and Steel Group, both Shanghai Stock Exchange-listed companies, announced on April 24 that they too have seen an increase in sales revenue and net profit for the first quarter of 2010.

Jinan Iron and Steel saw its sales revenue climb to RMB 7.44 billion ($1.09 billion) with a net profit of RMB 85.1 million ($12.47 million), up 22.57 and 10.7 percent respectively.

Bayi Iron and Steel, meanwhile, generated sales worth RMB 5.15 billion ($754.44 million) and saw net profits rise to RMB 150 million ($21.97 million), up 57.67 and 249.09 percent respectively, which they attributed to rising steel product prices.