December 03, 2008

Taigang Stainless\'s H1 net profit up by 300%

Shanxi Taigang Stainless Steel Co Limited has said that it’s net profit during the H1 of 2007 up by 299.10% YoY to CNY 2.74 billion and its main business income increased by 173.75%YoY to CNY 40.1 billion in the H1 of 2007 with gross profit rate of 13.64%.

It added that stainless CR sheet made greatest contribution by CNY 13.6 billion while common medium plate registered highest gross profit rate of 22.22%.

Taigang Stainless has expanded production scale by acquisition of steel sector of its parent Taiyuan Iron and Steel (Group) Co Ltd. It said that 1.5 million tonnes stainless steel project was put into operation in the latter half of last year and its capacity has swelled this year.

Besides, the steelmaker has optimized product mix, reduced costs and raised efficiency. Prices for steel products also climbed remarkably from those in the same period of last year.

Taigang Stainless also predicted in the report that net profit in the first three quarters will increase by over 150% YoY.

(Sourced from MySteel.net)