Gansu Economic News reported that Jiuquan Iron and Steel Co Ltd, a Gansu based steel mill, which was heavily impacted by the global financial crisis and suffered tumbling sales and profit two years ago has gradually stepped out of the hot water with the recovering domestic economy.

The latest statistics shows that in the first eight months of the year, the steel mill made great progress by realizing gross industrial output value of CNY 29.5 billion, sales income of CNY 36.2 billion and profit of close to CNY 500 million. Meanwhile, it operated well in shape, with the total assets amounting to CNY 71.9 billion. In 2008 and 2009 when the crisis had its way with abandon, the mill’s operating income posted CNY 37.9 billion and CNY 40.3 billion and the profit, CNY 221 million and CNY 482 million.

A campaign, themed do our best, meet the challenge, make progress and promote benefit was kicked off in 2009 within all the people serving the mill. As learnt from related materials in the first 10 months of the campaign period, the aggregate expenditures of 45 items was slashed about CNY 1.08 billion from a year ago and the central part witnessed a YoY reduction of 10.2% for composite energy consumption per ton steel that means a saving of 60,000 tons of standard coal.

By this July the mill produced about 3.78 million tonnes of pig iron, 4.85 million tonnes of crude steel and 5.07 million tonnes of steel products up by 5.02% YoY, 15.55% YoY and 19.75%YoY and contributed a tax worth more than CNY 1.41 billion a gain of 9.86% from last year.

(Sourced from MySteel.net)
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