Hunan Province-based Chinese steelmaker Valin LY Steel Co. (LY Steel) has announced that it achieved sales revenues of RMB 28.33 billion ($4.6 billion) in 2013, with a net profit of RMB 272 million ($44.6 million) following the losses it recorded in the previous five years.
In 2013, Valin LY Steel received a Bureau of Indian Standards (BIS) certificate for its semi-finished electrical steel products, while it received awards from the China Iron and Steel Association (CISA) for its HRB 400 rebar and X80 pipeline steel. Meanwhile, LY Steel has strengthened its cooperation with Chinese automobile manufacturers, including Guangxi-based Liuzhou Wuling Motors Co., Hunan-based Changfeng Motors Co. and Guangdong-based BYD Co. Ltd. In addition, LY Steel is the largest steel supplier for domestic automated teller machine (ATM) manufacturing through its cooperation with Hitachi Capital and other ATM manufacturers.
