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Print[Ferro-Alloys.com]Shanxi Province based Chinese steelmakerShanxi Taigang Stainless Steel Co announced its financial report for the Q1 of the current year. Accordingly, in the given period the company's operating revenue totaled CNY 25.124 billion up 10.97%, while its net profit amounted to CNY 255 million up 37.87%, both YoY. Basic earnings per share for the quarter came to CNY 0.045.
In addition, according to its final results for 2012, Taigang Stainless Steel achieved an operating revenue of CNY 103.515 billion for the given year, up 7.58% and a net profit of CNY 1.106 billion down 38.74%, both YoY. In 2012, operating costs totaled CNY 95.829 billion indicating a rise of 8.93% YoY.
According to Shanxi Taigang Stainless Steel, in 2012 its pig iron output amounted to 8.102 million tonne and its crude steel output totaled 10.1266 million tonne including 3.1061 million tonne of stainless crude steel. Meanwhile, in 2012 it produced 9.4912 million tonne of finished steel, including 2.8428 million tonne of stainless finished steel.
In 2013, the company plans to produce 8.95 million tonne of pig iron, 11 million tonne of crude steel, including 3.4 million tonne of stainless crude steel and 10.36 million tonne of finished steel including 3.06 million tonne of stainless finished steel.
Meanwhile, Taigang Stainless Steel has also announced that it plans to carry out a second phase short-term bond issue on April 23rd valued at CNY 2 billion which will mature within 365 days, with Industrial and Commercial Bank of China acting as the lead underwriter.
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