Panzhihua New Steel & Vanadium Company Limited is principally engaged in the manufacture and sale of iron, steel and vanadium products. The Company produces section and wire rod products, hot rolled products, cold rolled products and vanadium products. The Company is also involved in the production of oxygen, hydrogen, nitrogen, argon and steam. During the year ended December 31, 2008, the Company produced approximately 5.46 million tons of iron, 4.94 million tons of steel and 213,100 tons of vanadium slag. As of December 31, 2008, the Company had four subsidiaries and associates.