In 2012, Wuhan Steel produced 36 million 420 thousand tons of steel, which is 1 million 260 thousand tons lower in annual calculus. Their profit decreased by 1.7 billion CNY last year compared to the previous one. Mr. Wu Paying Deputy Director of the Wisco business department of finance expressed the opinion that new capacities should increase mainly the production of high-quality steel products, such as a car, metal-intensive railway products, electrical steel and other types of metal rolling.
Wuhan Steel hopes for a higher market demand in the future, despite the gloomy current situation in the market. The data show that the income from Wisco sales in the first four months of this year amounted to 68 billion CNY, showing 2.6 percent of the growth of profit in annual calculus, compared with 62.7 billion CNY, obtained in the same period last year.
More importantly, Wisco has succeeded in developing the production of electrical steel that can replace imported resources by saving 2.5 billion CNY for domestic industry. Over the past three years, Wuhan Steel has developed more than 1.2 million tons of new electrical products. Wisco strives to completely win the domestic market.
