China Steel Australia lifts gross margins more than 20%
China Steel Australia (ASX: CNH) has reported its gross margins from
beginning of February have improved more than 20 per cent as a result of
a boost in demand and increased production efficiency.
The company produces both nickel pig iron and merchant pig iron at its plant near the city of Linyi in China’s Shandong Province.
China Steel CEO Chen Lidong said the company’s plant had operated around the clock during the Chinese New Year holiday period to keep up with increased demand.
“With our newly upgraded plant we have been able to achieve better efficiency,” Chen said.
China Steel earlier this year announced it had signed a one year letter of intent with Heng Feng Zheng Dao Trading Co. Ltd to supply 45,000 tonnes of nickel pig iron or 90 per cent of current production capacity.
"The company is at an exciting stage of its development where it has come through the GFC in good shape, is operating at full capacity and is poised to undertake a material expansion in its activities," said Chen.
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