Maanshan Iron & Steel Co.'s net profit rose nearly three-fold in 2021, mainly due to higher steel prices, but rising raw-material costs remains a worry for the company.
Net profit came in at 5.33 billion yuan ($836.4 million) compared with CNY1.98 billion a year earlier, the company said Thursday.
Revenue grew nearly 40% to CNY113.85 billion. Cost of sales during the year grew 33% to CNY98.93 billion, mainly due to increased prices of raw materials like iron ore, coal and coke.
For 2022, the company said it expects steel demand from industries such as energy, machinery, automobiles, and shipbuilding to keep growing. But demand from construction, container and hardware products may soften.
The company plans to produce 18.53 million tonnes of pig iron, 20.97 million tonnes of crude steel and 20.9 million tonnes of steel this year.
