Taiyuan Iron and Steel Group Co Ltd,the world's largest stainless steel producer by output,plans to increase its product exports by about 52%to 500,000 metric tonnes next year.
Experiencing a weak market at home and overseas,it will continue to focus on its high end key products,it said on Thursday,sales of which have also been affected by the economic slowdown.
The company expects to reach revenue of about CNY 130 billion(USD 20.6 billion)with profit of 380 million this year,and its target in 2013 is to reach revenue of CNY 140 billion with profit of CNY 500 million.
According to industrial data,as the economy slowly warms,imported iron ore prices have soared from USD 90 a tonne in September to USD 137 a tonne in December,up 46%.
Mr Li Huifeng a senior employee at the company's technology center,said that"However,TISCO will not be affected too much by the rising iron ore prices because the group owns many mines in Shanxi province,which can provide about half of our raw material supply."
The company has annual capacity of 3 million tonnes of stainless steel.
