SHANGHAI Chinas Taigang Stainless Steel Co. Ltd. will ramp up stainless crude steel production by nearly 10 percent in 2013.
The steelmaker is targeting 3.4 million tonnes of crude output this year, up 9.7 percent from 3.1 million tonnes in 2012, it said.
Parent company Taiyuan Iron & Steel (Group) Co. Ltd. produced 10.2 million tonnes of crude steel in 2012 and is targeting 11 million tonnes for this year.
Revenue this year is expected to reach 155 billion yuan ($24.5 billion), up 10.3 percent from 140.5 billion yuan last year. But profitability is expected to surge to 1 billion yuan ($160.6 million), more than double the year-earlier 400 million yuan.
A version of this article was first published by AMM sister publication Steel First.