Chinese stainless steel maker becomes world's No.1
Taiyuan Iron & Steel (Group) Co., Ltd. (TISCO) in north China's Shanxi Province maintained its world leading position in stainless steel production, which rose 9.68 percent year on year to 2.72 million tonnes in 2010, the company said in a statement.
Steel production at TISCO reached 9.59 million tonnes in 2010, up 1.37 percent year on year, said Hu Yuting, general manager of TISCO.
In contrast, operating revenues jumped 10.07 percent to 111.5 billion yuan ($16.9 billion) and profits soared to 2.5 billion yuan ($379 million), or up 140.38 percent year on year during the same period, Hu said.
TISCO is expected to produce 11.26 million tonnes of steel this year, including 3 million tonnes of stainless steel, with operating revenues hitting 125 billion yuan ($18.9 billion).
Founded in 1934, TISCO has become the largest stainless steel producer in the world.
