Heilongjiang Province-based Chinese steelmaker Xilin Iron and Steel Group recorded a net loss of CNY 217 million in the first three months of the current year. If the trend continues, Xilin Steel may register a net loss of around CNY 600 million to CNY 800 million for 2012.
Thanks to the commissioning of a 1,260 cubic meter blast furnace in April this year, the steelmaker's annual output capacity has now reached 4.50 million tonnes to 5.00 million tonnes. Meanwhile, Xilin Steel will soon start construction work on phase two of its technological innovation project.
This second phase, expected to cost CNY 800 million involves construction of a 1,260 cubic meter blast furnace, a 120 tonnes converter and a high-speed wire rod production line with an annual output capacity of 1 million tonnes.
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