Shagang raises prices for steel products

Major Chinese metallurgical corporation Shagang increased domestic prices for steel products for deliveries in the first half of February. It is reported Yieh.Corp. In particular, the cost of wire rod and fittings rose to 50 yuan per ton, hot-rolled coil - for 350 yuan / ton, and sheet steel - for 300 yuan / ton. Recall that Shagang in 2010 compared to 2009 increased its revenues by 20% to 170 billion yuan (25.6 billion dollars). From the previous year corporate earnings were estimated at 146.3 billion yuan (22 billion U.S. dollars). Also, the company added that last year Shagang has developed 50 varieties of steel products with high added value. As is known, in the first half of 2010 compared to the same period of 2009 volumes were Shagang grew by 16% and reached 14.53 million tons. Pig iron production also increased by 16%, to 12.18 million tons. Shagang is considered one of the leading private steel companies in China. In 2009, she produced 26.4 million tons of steel. Ministry of Industry