HBIS operation revenue hits CNY 200 billion

Saturday, 05 Feb 2011
It is reported that Hebei Iron & Steel Group was confronted with expenses increase and profit decrease top CNY 10.5 billion due to the cost rise and steel industry profit level decline. However, the HBIS achieved operation revenue of CNY 220 billion with increase of 24.29%YoY through speeding structure adjustment and seizing high end market.

HBIS became the first large enterprise in Hebei history to have achieved operation revenue of over CNY 200 billion. Mr Wang Yifang President of HBIS said “It was the science & technology innovation that laid the foundation for the Group’s profit rise against the tendency.”
In 2010, HBIS broke many records in science & technology innovation area: It explored over 120 new products annually, with sales of new products reaching 2.9 million tonnes and new products contribution rate of 8.5%; It manufactured varietal steel of 20.5 million tonnes accounting for 60%, of which high-strength ocean platform steel, nuclear power steel and many other varieties successfully substituted import and fulfilled domestic market.

HBIS Group put forth effort on promotion of equipment structure adjustment and invested CNY 35.6 billion in the adjustment projects since it was established. Currently, the main equipment has realized large-scaling and modernization which laid firm foundation for product structure adjustment. Handan Steel newly added district 2.15 million tonnes CR project was built and put into production in 2010 which filled Hebei high strength automobile sheet market and domestic widest galvanized automobile sheet market. It revealed that HBIS Group was capable of producing automobile sheet with width, thickness and strength grade over 98% specifications.(sourced:mysteel.net, for real time access to China steel news)