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Northeast China's Steel Giant Makes More Profits
Anshan Iron and Steel Company (Group), a steel giant which has long been mired in difficulty, scored 160 million yuan of profit (19.3 million US dollars) in the first half of this year.
Angang, as the northeast China-based steel giant is also known, has met the goal for the whole year ahead of schedule. Its profit in the January-June period is twice as much as its annual profit in 1999.
Experts believe the achievement indicates that this steel giant is now revitalizing.
Angang increased its output of iron, steel, billets and rolled steel in the first half of this year, and its total output was within the quotas set by the State. It earned 122 million U.S. dollars from exports,a rise of seven times from a year earlier.
In addition, it has shifted to exporting more steel sheets from selling primary steel products.
Angang currently is the biggest producer of cold-rolled steel products in China, with an annual output of over two million tons.
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