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Shandong Steel Group now in baptism under stark conditions

Information revealed from the lately held semiyearly working conference of Shangdong Iron and Steel Group shows that it realized total profits of around CNY 2.33 billion in the first half an encouraging news but predicting a even tougher baptism in front of it for the second.

Data shows in the first half, the output of pig iron, crude steel and steel products of the mill registered 12.08 million tonnes up by 16.26% YoY, 11.57 million tonnes up by 17.43%YoY and 11.84 million tonnes up by 17.76% YoY respectively. It fulfilled business income of CNY 55.64 billion profit and tax of about 3.93 billion and total profit of around 2.33 billion an increase of CNY 14.88 billion, CNY 3.37 billion and CNY 3.61 billion YoY.

Mr Zou Zhongchen president of the group still felt great pressure in fulfilling the annual target facing current stark status quo in steel market. Among his statements offered in the conference, Mr Zou emphasized that production and sales of those products with marginal effect should be given more input, production cut is the last method for the sake of its occupation of the market share and great effort should be put to secure the liquidity and save expenditures in management.

The achievement of some CNY 2.33 billion is not as much as half of the stated target for this year.

Early in this year, the group and the State owned Assets Supervision and Administration Commission of Shandong province together fixed the target of 2010 as 22.8 million tonnes of pig iron, 21.4 million tonnes of crude steel and 21.05 million tonnes of steel products for this year, as well as CNY 110 billion for business income, CNY 10 billion for profit and tax and CNY 6 billion for total profit.

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