In 2012, Sichuan Province-based Pangang Xichang Steel & Vanadium Co., a subsidiary of Sichuan-based Chinese steel producer Pangang Group, produced 5.98 million mt of pig iron, 5.4 million mt of crude steel and 21,100 mt of vanadium products, as announced by Pangang Group on January 30. In addition, in 2012 the total electric power generated by Xichang Steel and Vanadium amounted to 3.68 billion kWh, while the company achieved a reduction of RMB 720 million ($115.3 million) in its production costs as compared to the previous year.