Metalnewsnet 31 Mar:

China Securities Journal reported that SGIS Songshan Co Ltd discloses that its annual report turns loss into profit in 2009.

According to the report, the listed company realized CNY 13.35 billion of revenue and 93 million of net profit up by 105.75%YoY in 2009. The revenue from main businesses was at CNY 13.218 billion down by 30.04%YoY. The fall in the revenue was mainly attributed to the price fall of steel products.

In 2009, the company eyed increases both in production and sales volume. SGIS Songshan totally produced 4.23 million tonnes of crude steel in 2009 up by 3.82%YoY, 4.06 million tonnes of steel products, up by 4.92%YoY. Among the production of steel products, the company yielded 1.44 million tonnes of steel plates, 1.07 million tonnes of wire rods and 1.55 million tonnes of bars. In addition, the company sold 4.03 million tonnes of steel products last year up by 1.93% YoY.

It’s also mentioned in the report SGIS aims to churn out 5.3 million tonnes of crude steel, 5 million tonnes of steel products and 1.8 million tonnes of coke in 2010 with its self generated electricity reaches 1.46 billion KWH.

(Sourced from China Securities Journal)