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Last updated at: (Beijing Time) Thursday, January 16, 2003

Major Chinese Steel Maker Reports Profits, Sales up

The Beijing-based Shougang Group, formerly known as the Capital Iron and Steel Company, one of China's major steel producers, raked in 530 million yuan (63.86 millionUS dollars) in profits last year, 17.8 percent above the firm's target.


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The Beijing-based Shougang Group, formerly known as the Capital Iron and Steel Company, one of China's major steel producers, raked in 530 million yuan (63.86 millionUS dollars) in profits last year, 17.8 percent above the firm's target.

The conglomerate also chalked up 37 billion yuan (4.46 billion US dollars) in sales in the past year, 3.1 percent more than the target.

Of the total sales, 19 billion yuan (2.29 billion US dollars) or 51.35 percent came from non-steel businesses.

While expanding production, the Shougang Group, also spent 241 million yuan (29 million US dollars) in financing 33 projects relating to environmental protection over recent years, said the sources.


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