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The Beijing-based Shougang Group, formerly known as the Capital Iron and Steel Company, one of China 's major steel producers, raked in 530 million yuan (US$63.86 million) in profits last year, 17.8 percent above the firm's target.
The conglomerate also chalked up 37 billion yuan (US$4.46 billion) in sales in the past year, 3.1 percent more than the target.
Of the total sales, 19 billion yuan (US$2.29 billion) or 51.35 percent came from non-steel businesses.
While expanding production, the Shougang Group, also spent 241 million yuan (US$29 million) in financing 33 projects relating to environmental protection over recent years, said the sources.
(Xinhua News Agency January 17, 2003)
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