Nanjing Iron and Steel Union Co., Ltd, a Chinese steel manufacturer, achieved profits of RMB250 million (approx. US$36.7 million) for the first four months of the year, despite the gloom in the global steel sector arising from the financial turmoil. Yang Siming, Chairman and CEO of Nanjing Iron and Steel Union, said the impressive performance was mainly attributable to the reorganization of the company in 2003, which increased its steel production capacity from 2.5 tons to 6.5 million tons and enhanced its total assets from RMB10.4 billion (approx. US$1.47 billion) to RMB28 billion (approx. US$4 billion).