China’s Jiugang Hongxing Iron and Steel targets to produce 7.3mn mt of pig iron, 8.5mn mt of steel and 8.35mn mt of steel products in 2020, according to company’s annual report for 2019. The company will focus on technological innovation, specialised production and optimised products structure in 2020.
In 2019 Jiugang Hongxing steel produced 6.28mn mt iron, 7.47mn mt of steel and 7.40mn mt of steel products. The company’s operating income increased by 2.87pc to CNY46.736bn and net profit rose by 13.24pc to CNY 1.237bn from a year ago.
Jiugang Hongxing steel plant is based in southwest China in Gansu province and mainly manufacturers steel wires, billets, rods, plates and other products.