According to Mr Kang Chengye board secretary of Metallurgical Corporation of China that, the company is accelerating the pace of the transformation of its business, expanding into the non-metallurgical, resources exploration and real estate development businesses.

Mr Kang said by 2015, revenues generated from the non-metallurgical sectors are expected to hit 60% of the revenue recorded by its engineering contracting business while the resources exploration and real estate businesses will respectively account for 12% and 10% of total revenue.

The engineering contracting business contributed 96.7% of total revenue in the first half of 2011 down 2.1 percentage points YoY. The non-metallurgical engineering contracting businesses accounted for 50.4% of the total engineering contracting business up by 13.5%YoY.

The value of new engineering contracts dropped due to the restrictions imposed by the government on the expansion of domestic steel production capacity.

The proportion of the revenue contributed by the metallurgical engineering business to the overall engineering contracting business fell from 63.1% in the same period a year ago to 49.6% at present.

(Sourced from yicai.com)