China's steel output was estimated to have reached roughly 350 million tons in 2005, making up nearly one-third of the world's total, the National Development and Reform Commission (NDRC) reported.

China's steel output, ranking the first place in the world for ten years consecutively, made great contributions to the country's fast economic and social development, said a recent NDRC report.

Steel output in China has been growing by an annual average 22.2 percent since the year 2000. Iron and steel enterprises with annual output of more than 5 million tons increased from 4 in 2000 to 18 in 2005.

The report said China's iron and steel products were becoming competitive in the global market as exports surged to an estimated 20 million tons last year, compared with 6.21 million tons in 2000.

Large and medium-sized steel enterprises posted 88.05 billion yuan (11billion U.S. dollars) in combined profits for 2004, jumping 7.7 times from 2000.

Source: Xinhua