Gansu Province-based Chinese steelmaker Hongxing Iron and Steel Co., a subsidiary of Gansu-based Jiuquan Iron and Steel Group (JISCO), has announced that in 2012 its operating revenue amounted to RMB 63.7 billion ($10.24 billion), up by 15.5 percent, while its gross profit was RMB 501 million ($80.55 million), down 72.73 percent or RMB 1.337 billion ($214.95 million), both on year-on-year basis. Meanwhile, in 2012 Hongxing Steel's net profit stood at RMB 477 million ($76.69 million), decreasing by 68.73 percent or RMB 1.049 billion ($168.64 million) year on year. In addition, the company's earnings per share in 2012 came to RMB 0.1184 ($0.019).
As for outputs, in 2012 Hongxing Steel produced 7.867 million mt of pig iron, 9.008 million mt of crude steel and 9.006 million mt of finished steel. In 2013, the company's outputs of pig iron, crude steel and finished steel are expected to total 9.3 million mt, 10.55 million mt and 10.45 million mt respectively. Hongxing Steel's operating revenue in 2013 is expected to reach RMB 56.2 billion ($9.04 billion).
Hongxing Steel stated that, even though the macroeconomic situation appeared to be characterized by sluggishness in 2012, it still maintained its profitability through more careful management and better coordination between purchases, deliveries and sales.
