Shougang Group Corporation, one of China's leading steel products maker, announced Thursday that it has earn a record 1.25 billion yuan (about US$150 million) after taxes last year, up 21.6 percent on a year-on-year basis.

The corporation did 61.9 billion yuan (US$7.46 billion) in sales in the past year, a rise of 39.9 percent from that of 2003.

A corporate executive ascribed the company's achievement to its substantial efforts in producing more high-tech steel products, adjusting production capacity mix, revamping the administration and laying off surplus workforce.

In 2004 alone, Shougang Group Corp., with the headquarters in western Beijing, used 1.3 billion yuan (US$157 million) on scientific and technological upgrading programs. High-tech rolled steel with high added value made up 55.7 percent of the corporation's total output in 2004 or showed a rise of 42.2 percent from the previous year.

(Xinhua News Agency January 14, 2005)