3 Feb 2010 11:42

Shagang aims to produce 30 mln tons of crude steel in 2010

Shanghai. February 3. INTERFAX-CHINA - Jiangsu Shagang Group, China's largest privately-run steel mill, produced 26.40 million tons of crude steel in 2009 and aims to lift this annual figure to over 30 million tons in the year ahead, state media reported on Feb. 2.

According to a China Business News report, last year Shagang recorded sales revenue and net profit of RMB 146.3 billion ($21.43 billion) and RMB 5 billion ($732.4 million) respectively. The company plans to generate sales revenue of RMB 165 billion ($24.17 billion) in 2010.

Shagang attributed its robust performance to the company's product development efforts and production cost reductions, according to the report.