Giant steelmaker reports increased output

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Last updated at: (Beijing Time) Sunday, February 01, 2004

Giant steelmaker reports increased output

The Panzhihua Steel Company, the largest steelmaker in west China increased both steel and iron output last year.

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The Panzhihua Steel Company, the largest steelmaker in west China increased both steel and iron output last year.

Despite shortages of raw materials and electricity, the companyproduced 5.34 million tons of iron and 5.37 million tons of steel,rising 6.6 percent and 8.4 percent from the previous year. Officials with the company attributed the increases to technological innovations, market promotion and improved management.

The revenue of the steelmaker, based in southwest China's Sichuan Province, hit 16.8 billion yuan (two billion US dollars) with profits of 700 million yuan (84.3 million US dollars) and exports of 138 million US dollars.

In 2003, the country produced 210 million tons of steel, up 15.38 percent from 2002.

Though China's steel production and consumption increased rapidly in the past two years, experts say China's steel consumption will reach its peak in 2010.

Since 2001, China's consumption of steel has increased by 30 million tons annually to reach 250 million tons in 2003.

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