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Article: Angang Steel expecting 2008 net profit drop of 55 pct year-on-year.
- Article from:
- China Business News
- Article date:
- January 21, 2009
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Angang Steel expecting 2008 net profit drop of 55 pct year-on-year
Shanghai. January 21. INTERFAX-CHINA - The Shenzhen and Hong Kong-listed subsidiary of Liaoning Province-based Anshan Iron and Steel Group (Angang Steel Group), Angang Steel Co. Ltd., said in an announcement on Jan. 21 that it predicts a 55 percent year-on-year decline in its net profit to RMB 3.42 billion ($500.03 million) in 2008.
Angang Steel attributed the net profit dive to expensive raw materials, low output by its newly-commissioned Bayuquan steelworks project, and a RMB 1.81 billion ($264.64 million) expected drop in value of its steel product stockpiles.
Angang Steel ...