Date: 2013-07-31

Fangda Special Steel 2011 Earnings Up 140%

Fangda Special Steel Technology, a maker of iron, steel, and auto components, posted a 140.42 percent year-on-year increase in 2011 net profit attributable to shareholders to 723.087 million yuan on a 9.65 percent growth in revenue to 13.33 billion yuan.

The company attributes the large increase in earnings to cost control, with procurement costs dropping more than 70 million yuan during the reporting period.

Fangda Special Steel Technology aims to generate sales revenue of 15 billion yuan in 2012.

It sets 2012 production targets of 2.8 million tons of iron, 3.05 million tons of steel, and three million tons of steel products.

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