We are a leading China-based, non state-owned contract manufacturer of high precision cold-rolled steel products. In particular, we are the largest manufacturer in China of high precision cold-rolled narrow strip steel based on sales revenue with a market share of approximately 12.5% of the Chinese market in 2008, according to Freedonia Custom Research, or Freedonia. We utilize a variety of processes and methodologies to convert steel manufactured by third parties into thin steel sheets and strips according to customer specifications. We produce precision ultra-thin, high strength cold-rolled steel products, with thicknesses ranging from 0.09 mm to 1.3 mm, width up to 600 mm and precision ranging from 0.0025 mm to 0.005 mm. We sell our products to domestic Chinese customers who primarily operate in the food and packaging, construction materials, telecommunications cable and equipment and electrical appliances industries. The cold-rolled precision steel industry is relatively new in China. Manufacturers of products that use specialty precision steel products, such as our customers, traditionally imported raw materials from Japan, South Korea, the European Union and the United States.
Our revenue increased from $45.5 million in 2004 to $62.5 million in 2005, $99.0 million in 2006, $139.6 million in 2007 and $196.3 million in 2008, representing a compound annual growth rate (CAGR) of approximately 44.1% from 2004 to 2008. Revenue grew 1.4% from $101.0 million for the six months ended June 30, 2008 to $102.4 million for the six months ended June 30, 2009. Net income before minority interest increased from $4.0 million in 2004 to $7.8 million in 2005, $15.9 million in 2006, $23.7 million in 2007 and $35.5 million in 2008, representing a CAGR of 72.6% from 2004 to 2008. Our net income grew 4.0% from $19.8 million for the six months ended June 30, 2008 to $20.6 million for the six months ended June 30, 2009. For the fiscal years ended 2007 and 2008, we reported a minority interest of $10.6 million and $14.0 million, respectively, after our acquisition of Henan Green due to a 44.98% minority ownership interest. As of March 17, 2009, the minority interest ceased to exist.
We believe that our significant growth reflects our success in increasing market penetration and expanding production lines. As a net importer of high-end precision products, China currently still lacks the capability to produce high-end precision steel products. Our success in the past mainly came from being able to expand into products which replace expensive imported products and being able to manufacture these types of products at a cost-efficient level compared to domestic Chinese manufacturers. We believe our technology and product development capability is a key driving force behind this success.
Our PRC manufacturing facility is located in Zhengzhou, Henan Province. We operate six sets of cold-rolled steel production lines with a current annual steel processing capacity of approximately 250,000 metric tons and a chromium coating production line with an annual capacity of approximately 50,000 metric tons.
Prior to 2009, we produced and sold uncoated steel sheets to manufacturers or distributors which then further treated or outsourced our products for tin or zinc coating to produce tinplate or zinc-coated steel, or for electrolytic chromic acid treatments to produce chromium coated steel, according to customer specifications. We added chromium coating facilities in December 2008, and launched mass production of chromium coated steel products in February 2009. Going forward, we plan to add production lines in tin- and zinc- coating to increase our product offerings and which we believe will increase our profit margin. Newly-added capacity to produce these types of high-end coated steel products will enable us to expand our business into construction decoration materials, a high profit margin business. In addition, we plan to use a significant portion of the net proceeds of this offering to expand our cold-rolled steel processing capacity to 500,000 metric tons by 2011.