Pangang Group, Sichuan Province-based Chinese steelmaker, has announced that in the first half of the current year it invested RMB 3.076 billion ($486 million) in 47 technology upgrade projects, completing 55 percent of its annual investment target for 2012.
Pangang Group expects to achieve sales revenue of RMB 55 billion ($8.69 billion) in 2012. Its annual output targets for crude steel, iron ore concentrate and titanium concentrate in 2012 are 10.43 million mt, 10.5 million mt and 490,000 mt respectively.
Last year, Pangang Group produced 8,556,600 mt of pig iron, 8,380,700 mt of crude steel and 7,585,300 mt of finished steel, up 0.57 percent, 0.43 percent and 3.65 percent respectively, all year on year. Meanwhile, its iron ore concentrate and titanium concentrate outputs for the year reached 8,622,500 mt and 497,600 mt, with respective year-on-year increases of 744,200 mt and 124,100 mt.